Shares of highly-shorted shipping co Zim rise

Zim Integrated Shipping Services

20/12/2023 11:52

** NYSE-listed shares of Israeli shipping company ZIM
 ZIM.N  up 5.1% at $10.11 premarket
   ** Shipping stocks rose earlier this week, with Zim hitting a
nearly 3-month high after companies diverted their ships away
from the Red Sea amid attacks from Iranian-backed Houthi
militants in Yemen
    ** Stock up 38% in December, which is shaping up to be its
strongest monthly performance in more than 2.5 years
    ** About 24% of ZIM's outstanding shares are in a short
position, near the highest level in at least 3 years - Ortex
    ** With the high level of short interest and a rapid price
increase, there is a high probability that short sellers are
starting to close out positions in ZIM, adding extra buying
pressure on the stock - James Kosinski, head of sales, Ortex
    ** Short sellers have made over $100 million so far this
calendar year in ZIM but are down $63 million in December -
Kosinski
    ** Stock is down 44% YTD with a market value of $1.1 bln up
to Tuesday's close

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))