Why ZIM Integrated Shipping Services Ltd. (ZIM) Surged on Monday

We recently compiled a list of the 10 Firms Post Impressive Gains on Monday. In this article, we are going to take a look at where ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) stands against the other stocks.

Wall Street ended the first trading day of the week on a mixed note, with the Dow Jones the sole gainer, up 0.65 percent.

The S&P 500 and Nasdaq both fell by a whopping 1.46 percent and 3.07 percent, respectively, over fears that China is overtaking the US in innovations in the Artificial Intelligence industry, dampening confidence at a time when the world’s largest economy is bolstering investments in the sector.

Meanwhile, ten companies under mixed sectors ended the day stronger. In this article, we will take a look at which of the 10 companies posted impressive gains during a broader market pessimism and look at the reasons behind their rally.

Monday’s top advancers only considered the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A fleet of vessels docking at a busy harbor, signaling the company’s presence in global marine shipping.

ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)

Shares in ZIM Integrated Shipping rose by 4.79 percent to close at $17.72 apiece as investor sentiment was buoyed by news that the company recently received a new container vessel from the Yangzijiang Shipbuilding Group of China.

Called the ZIM Aquamarine, the new vessel is co-owned between ZIM Integrated and Canadian shipping firm Seaspan. It is the last expected delivery in a series of 15 containerships built by Yangzijiang.

The vessel’s main engine and generator are both dual-fuel capable and can also operate on liquefied natural gas. A selective catalytic reduction (SCR) system meanwhile enables the ship to comply with IMO Tier III NOx emission standards.

The new vessel is expected to boost ZIM Integrated’s shipping services, thereby bolstering revenues.

Overall ZIM ranks 3rd on our list of Monday’s top advancers. While we acknowledge the potential of ZIM as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ZIM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stock To Buy Now and Complete List of All AI Companies Under $2 Billion Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.