Shares of Israeli liner company Zim plunged more than 15% in New York trading on Monday following a report that container carriers had negotiated side deals to avoid further terror attacks by the Houthi militant group.

Stock of New York-listed Zim recovered somewhat in late afternoon trading but still was down more than 7% on elevated volumes after major liner companies AP Moller-Maersk of Denmark and Hapag-Lloyd of Germany denied striking any safe-passage agreements with the Houthis.