Why ZIM Integrated Shipping Stock Dropped Today
Shares of Israeli container shipping company ZIM Integrated Shipping Services (NYSE: ZIM) tumbled 3.4% through 11:05 a.m. EST Monday -- and it's no huge secret why. Across the shipping world, stocks including ZIM, Costamere, and Danaos Corporation are all sliding today.
And China is the reason.
As multiple media outlets have reported, protests against a government "zero-Covid" policy are spreading across China, threatening both the ruling regime's stability, the country's economy, and its ability to produce products that would need container shipping services to reach foreign markets. To cite just one example, CNBC reported this morning that Apple is likely to produce 6 million fewer iPhone Pro smartphones this month than it would like to produce, as a result of a combination of Covid outbreaks at its factories, government measures to contain the outbreaks, and protests against the containments.
Source Fool.com
