By Ronnie Harui
Shares in Chinese shipping companies fell sharply Friday after the White House said Thursday that it will urge U.S. regulators to address perceived anticompetitive pricing in the ocean shipping and railroad industries.
The Biden administration will request the Federal Maritime Commission and the Surface Transportation Board to examine what it calls a pattern of consolidation and aggressive pricing that has made it very expensive for U.S. companies to transport goods, White House Press Secretary Jen Psaki said Thursday.
Concerns that Chinese shipping companies may bear the brunt of the Biden administration's executive order dragged their shares lower.
In Hong Kong, Cosco Shipping Holdings Co. slumped 11%, Orient Overseas (International) Ltd. dropped 7.6% and Pacific Basin Shipping Ltd. fell 6.4%.
Write to Ronnie Harui at email@example.com
(END) Dow Jones Newswires