ZIM Integrated Shipping Services (ZIM), mcap=$7.8bn, price $64.70 vs $57.44

A bet on elevated container shipping rates being sustained due to an insufficient amount of ships following years of underinvestment. ZIM is the cheapest (<1xEBITDA) among peers and is projected to end 2022 with more cash than the current market cap. Asset light business model, whereby most of ZIM 118 vessels are chartered through 1-5 year leases. Strong operating leverage.