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Zim Integrated Shipping Services Ltd. (NYSE:ZIM) shares are trading lower Thursday as turmoil in the Red Sea creates uncertainty among shipping companies.
The Details:
Shipping giant Moller Maersk (OTCPK:AMKBY) shares are leading the industry lower after it reported earnings on Thursday and warned of uncertainty in its 2024 guidance.
"The current market remains one of robust volumes, but while the Red Sea crisis has caused immediate capacity constraints and a temporary increase in rates, eventually the oversupply in shipping capacity will lead to price pressure and impact our results," warned Maersk CEO Vincent Clerc.
Many shipping and freight companies have re-routed ships in order to avoid the Red Sea due to continuing attacks on vessels by Iran-backed Houthi militia. Bank of England Monetary Policy Committee member Catherine Mann warned of a possible rise inflation resulting from the supply chain disruption.
According to data from Benzinga Pro, Zim shares are falling on heavy volume with more than 10.3 million shares traded, compared to the stock’s average volume of 7.909 million shares.
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ZIM Price Action: According to Benzinga Pro, Zim Integrated Shipping shares are down 7.58% at $12.25 at the time of publication.
Photo by andy-li from Unsplash
