Shares of Moller-Maersk slumped more than 8% Friday as European shipping companies fell on the conclusion of a U.S. port strike.

SEOUL/LONDON (Reuters) -Shares in shipping companies fell heavily in Europe and Asia on Friday after workers and U.S. port operators agreed a deal to end a strike on the East and Gulf coast docks far sooner than expected.

The U.S. port strike, which is bringing disruption to the shipping industry, could benefit air-delivery stocks, analysts say. The strike by the International Longshoremen’s Association is affecting U.S. East Coast and Gulf ports from Maine to Texas.