These 10 Firms Were Last Week’s Worst Performers

6. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) saw its share prices drop by 13 percent to close at $16.6 on Friday versus the $19.09 finish week-on-week as investors sold off positions following a ceasefire between Israel and Hamas.

Shipping companies such as ZIM have long been benefiting from the geopolitical tensions between Israel and Palestine since they were forced to take the longer route around South Africa instead of using the Suez Canal. The longer route has led to higher shipping rates due to the added time and fuel costs.

With the ceasefire now in place, expectations brewed that the stabilization in the region would now result in reduced costs, thereby forcing shipping rates to go down as well, thus lowering profits for the company.