Maersk extends Red Sea pause
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 3 January 2024
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, January 3rd. I'm Julie Morgan. |
| 0:13.0 | A shipping giant decides to take a different route. |
| 0:16.4 | AST space mobile soars after plummeting and Universal Logistics is expanding. |
| 0:23.0 | The shipping giant Meersk said Tuesday it will halt all transit through the Red Sea and the Suez Canal until further notice. |
| 0:32.0 | This decision was made after an attack over the weekend |
| 0:35.2 | against one of its vessels. The company said an investigation into the |
| 0:39.2 | incident is continuing and that some vessels will be rerouted through the Cape of Good Hope in South Africa. |
| 0:45.6 | Hay Pack Lloyd said it will also continue to avoid Red Sea Transits until at least January 9th in response to the attacks. |
| 0:54.1 | Shares of both shippers surged more than 5% in European trading. |
| 0:58.8 | The result of spikes and booking costs for some tankers in the wake of taking lengthy diversions to avoid disruptions |
| 1:05.6 | at the Suez Canal as well as the Panama Canal. |
| 1:08.8 | According to RBC capital markets, more than 10% of global trade and about 3 million barrels a day of crude oil passed through the Red Sea. |
| 1:18.0 | AST Space Mobile is up more than 5% pre-market after saying it is seeking to close and fund a previously |
| 1:26.1 | disclosed strategic investment with multiple parties in January. |
| 1:30.5 | The company is attempting to build the first space-based cellular broadband network accessible directly by everyday smartphones. |
| 1:38.0 | It also reported initial ground infrastructure orders from two customers for planned commercial service. |
| 1:45.3 | The announcement came after AST Space Mobile shares plummeted 19.5% in regular trading on no news. |
| 1:53.0 | Universal Logistics is expanding and the company has set its sights on Virginia. |
| 1:59.0 | On Tuesday, ULH announced expansion into a new industrial building within the Greater Roanoke, Virginia area. |
| 2:06.8 | The company expects to invest about $50 million and generate 45 new employment opportunities with the expansion. |
| 2:14.4 | The 254,000 square foot facility is expected to commence operations in 2025. |
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