US shipping companies fall on Trump's tariffs

U.S. shipping companies fall after U.S. President Donald Trump's tariff announcements

Trump on Wednesday said he would impose a 10% baseline tariff on all imports, along with higher duties on some of the country's biggest trading partners, including 34% on China and 20% on the European Union

Navios Maritime Partners NMM.N down 7.6%, Danaos Corp DVW1.F down 6.7%, Star Bulk Carriers 4FAP.F down 6.7% and Pyxis Tankers PXS.O down 5.8%

"From a shipping perspective, the container sector will be affected the most. Many tanker and dry bulk commodities have so far been exempted from the tariff increases but most goods shipped in containers will face import tariff increases," said BIMCO Chief Shipping Analyst Niels Rasmussen

"In a scenario where the tariff increases would result in zero growth in U.S .container imports, it would reduce global container volume growth by 0.5%" - Rasmussen

According to analysts at Jefferies, the U.S. accounts for 24 million twenty-foot equivalent unit (TEU) of imports and 11 million TEU of exports