Shares of Zim Integrated Shipping Services (NYSE: ZIM) have more than doubled so far in 2024, fueled by geopolitical tensions that have caused ocean shipping rates to rebound.

At least one analyst believes the rally is running out of steam. Shares of Zim traded down 15% as of 10:30 a.m. ET after downgraded the stock to a sell.

Zim is one of the world's 20 largest ocean shipping companies. The stock was caught in the doldrums last year due to weak demand and investor concerns about its debt. But the company's outlook improved in early 2024 as tensions in the Middle East disrupted key shipping lanes and caused shipping rates to climb.

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Source Fool.com