BOAT - Why did ZIM Integrated Shipping shares fall? Concerns mount over freight rates
Shipping stocks led by ZIM Integrated Shipping (NYSE:ZIM) sank in Wednesday's trading as J.P. Morgan analysts said they anticipate a slowdown in freight traffic will hurt the sector and singled out the company as a stock that will underperform, according to Bloomberg. While ZIM closed -14.7%, other notable decliners included (MATX) -11.7%, (EGLE) -11.6%, (GNK) -11.4%, (SBLK) -10.7%, (OTCPK:AMKBY) -8.9%, (CMRE) -8.8%, (GRIN) -8.4%, (DAC) -8.3%, (DSX) -7.9%, (SB) -7.9%, (GOGL) -7.7%. ETFs: (BDRY), (BOAT), (SEA) A new analysis in Hellenic Shipping News discussed mounting risks to shipping demand, citing the drop in grain shipments following the closure of Ukrainian ports and a low level of shipments into China. The Baltic Exchange's main sea freight index extended losses to hit a more than one-month low on Wednesday, pressured by lower rates across all vessel segments. "All roads lead to higher dividends" at ZIM Integrated Shipping (ZIM), with near-term guidance pointing to
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Why did ZIM Integrated Shipping shares fall? Concerns mount over freight rates