Shipping shares fell across Asia Friday, after U.S. port operators and workers reached an agreement to end the strike at docks on the East Coast and Gulf Coast much sooner than expected.

Evergreen Marine, Wan Hai Lines, and Yang Ming Marine all suffered the largest drops in several months between 8.8% to 10%.

Nippon Yusen Kawasaki Kisen Mitsui Osk Lines and other Japanese shippers registered drops of between 7% to 9%, and were among the biggest decliners in the Topix Index.

Analyst Yang Ji-hwan at Daishin Securities said that investors who hoped to see a short-term rise in freight rates, which were in a downward spiral, sold their shares as soon as the strike was over. Reporting by Jihoon in Seoul, and Tom Westbrook from Sydney. Editing by Muralikumar Anantharaman.

(source: Reuters)