Shares of big shipping companies dropped Monday on expectations of a Gaza ceasefire deal that would likely halt Houthi rebel attacks in the Red Sea. The election of a moderate president in Iran, who could discourage Houthi attacks, also bolstered the chances of shipping companies returning to the Red Sea. Freight rates for boxship operators have shot up since November, with vessels rerouting from the Red Sea and the Suez Canal to the Cape of Good Hope around South Africa.