ZIM - Why Shipping Stocks Soared This Week
2023-04-13 14:03:53 ET
One of the most respected names in infrastructure investing made a move this week that implies it believes shipping stocks are oversold. The market took notice, sending several shipping stocks up as a result.
Shares of Triton International (NYSE: TRTN) , which got a big-premium buyout offer, were up 33% for the week as of Thursday midday, according to data provided by S&P Global Market Intelligence . Shares of other shipping companies, including Zim Integrated Shipping Services (NYSE: ZIM) and Textainer Group Holdings (NYSE: TGH) , are going along for the ride, up 16% and 13%, respectively.
It has been a choppy few years for shipping stocks and companies involved in helping manage supply chains . The pandemic created supply and demand imbalances that helped boost the price for transporting goods, but recently, fears about the economy have caused these stocks to underwhelm.
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Why Shipping Stocks Soared This Week