ZIM - Why Zim Integrated Shipping Stock Sunk in February
2024-03-01 16:39:00 ET
Investors in Zim Integrated Shipping Services (NYSE: ZIM) can't be blamed for feeling a little seasick. Fresh off a January where the stock was up 52%, shares of Zim headed in the other direction in February, falling 20.6% for the month, according to data provided by S&P Global Market Intelligence .
Both the surge and the subsequent drop are tied to the ongoing troubles in the Middle East, with bulls and bears battling over what those issues will mean for shippers like Zim.
Zim is an owner and operator of cargo ships. The stock spent most of 2023 caught in a downdraft as global uncertainty and rising inflation led to a cutback in cargo demand and decreasing volumes.
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Why Zim Integrated Shipping Stock Sunk in February