ZIM makes US$213m loss with soft peak season on the cards

A 67% decrease in freight rates saw ZIM Integrated Shipping Services register a net loss of US$213m in the second quarter of the year, following a profit of US$1.3bn in Q2 2022, as the weak market hit the carrier’s financial results.

The expected redelivery of certain vessels sold and leased by the company in 2018 also negatively impacted net loss by a non-cash after tax amount of US$51m.

The Israeli company expects a soft peak season and subdued demand for the remainder of the year, leading it to forecast a full year EBITDA of US$1.2-1.6bn and an operating loss of US$100-500m.