Israeli shipping company’s stock price soars after Houthi attacks

Zim, whose name is a biblical word meaning “fleet of ships”, went from “cash burning” to a “cash machine”, according to US equity research institution Jefferies. 

They added, “Red Sea diversions are likely to continue for an extended period, tightening capacity for longer, and Zim is set to capitalise.”

The attacks and seizures by Yemen’s Houthi pirates, which were ostensibly carried out in support of the Palestinian cause and to damage the Jewish State’s economy, have unintentionally greatly assisted the Israeli company, which previously was in dire financial straits.

The Houthi movement, aligned with Hamas and funded by Iran, initiated a series of attacks on October 19 targeting southern Israel and ships in the Red Sea it claimed were linked to Israel, though ships with no links to Israel were also targeted.

British and American airstrikes have struck some 60 targets in over a dozen locations used by the rebels this month.

Prime Minister Rishi Sunak said the attacks were a “necessary and proportionate action in self-defence,” with the goal of degrading “Houthi military capabilities and protect global shipping".