Shares of ZIM Integrated Shipping Services Ltd. ($ZIM) showed volatility over recent trading sessions, rebounding from morning lows on consecutive days and closing near their highs, though ending the week roughly flat. On June 16, $ZIM opened strongly with an 8% increase driven likely by short covering, accompanied by a high trading volume of nearly 9 million shares, but the momentum slowed later in the day. Overnight volume for $ZIM reached 9,000 shares with a 1% gain. Meanwhile, tanker stocks experienced a rebound in European trading after a prior decline, with companies such as Frontline Ltd. ($FRO), Hafnia A/S ($HAFNI), Overseas Shipholding Group ($OET), and Trident Maritime Systems ($TRMD) posting gains ranging from 2.3% to 5%. Pre-market trading saw Hafnia leading tankers with a 5% increase on 54,000 shares traded. The Baltic Exchange's Capesize index fell by 587 points to 30,357, with forward freight agreements (FFAs) indicating expectations of a sharp decrease in Capesize rates. Container FFAs were down 1-2%, affecting companies including $ZIM and Maersk ($MAERSK). The tanker sector showed strength throughout the day, reversing previous weakness with multiple companies such as $FRO, Navios Maritime Acquisition Corporation ($NAT), and Stena Bulk ($STNG) gaining. Additionally, Ship OGRE (OGRE), a brokerage and logistics technology firm, announced the acquisition and technological advancement of Amino Transport, Inc., a large Texas-based third-party logistics provider.
Ship OGRE (OGRE), a pioneering force in brokerage and logistics technology, is proud to announce the successful acquisition, transformation, and tech-acceleration of Amino Transport, Inc. (Amino), a large Texas-based third-party logistics provider. Read more: https://t.co/xn2zeDwo1D
Strong morning for Tankers: $FRO $NAT $TEN $TRMD $BWET $STNG $TNK $DHT $INSW $ASC $ECO $HAFNI https://t.co/vMdHrinLma
$ZIM lost its pre market gains and tending lower this morning. https://t.co/ILdMlOVLt5