Reported revenue of $1.3 billion and net loss of $0.213 billion, adjusted EBIT of $0.275 billion and adjusted EBIT of $0.147 billion.

HAIFA, Israel, August 16, 2023/PRNewswire/-- Global container liner shipping company ZIM Integrated Shipping Services Limited (NYSE: ZIM) today reported consolidated results for the three and six months ended June 30, 2023.

Second Quarter 2023 Highlights

Net loss of $0.213 billion in the second quarter of (compared to net income of $1.336 billion in the second quarter of 2022), or $1.792 per diluted share (compared to diluted earnings of $11.07 per diluted share in the second quarter of 2022). The net loss for the quarter was affected by a non-after-tax cash item of $51 million related to the redelivery of certain vessels.

Q2 Adjusted EBITDA of $0.275 billion, down 87%

Second quarter operating loss (EBIT) of $0.168 billion compared to 2022 second quarter operating income of $1.764 billion

Second quarter adjusted EBIT loss of $0.147 billion compared to 2022 second quarter adjusted EBIT loss of $1.764 billion

Second-quarter revenue of $1.31 billion, down 62%

Q2 carried 860000 TEUs, year-over-year growth

In the second quarter, the average freight rate per TEU was 1193 US dollars, down 67%

As of June 30, 2023, net leverage ratio was 0.5 times, as of December 31, 2022 0.0 times; net debt was $1.633 billion, and as of December 31, 2022, net cash was $0.279 billion.

2023 full-year guidance: Company expects adjusted EBIT of $1.2 billion to $1.6 billion and adjusted EBIT loss of $0.5 billion to $0.1 billion

Eli Glickman, President and CEO of ZIM, said: "We will continue to take active measures to respond to current market realities, with a focus on minimizing costs while optimizing our commercial strategy. We have taken action to rationalize our existing capabilities and regularly review our services to adapt our network to customer preferences and identify new business opportunities. We also explore opportunities to leverage operational collaboration to improve efficiency. At the same time, as the year progresses and into 2024, we expect our cost structure to improve with the delivery of our highly competitive, fuel-efficient new build tonnage, including 28 LNG-powered vessels.

Mr Glickman added: "While our second quarter results reflect the continued near-term challenges in the container shipping market, our total cash position at the end of the quarter, of $0.3 billion, remains strong. We believe that our ample liquidity and solid balance sheet will enable ZIM to maintain a strong position and maintain a long-term vision even in the face of prolonged market weakness. As we overhaul our fleet profile and advance our ESG goals, for both ZIM and our customers, we remain confident in the company's strategic positioning to drive long-term profitable growth. "

Mr. Glickman concluded: "Based on a weak peak season and an expectation that demand will remain subdued for the rest of the year, ZIM expects a 1-year full-year adjusted EBITDA of $0.2 billion to $0.1 billion and an adjusted EBIT loss of $0.6 billion to $50 billion. Looking ahead, we are committed to leveraging our digital initiatives, enhancing our commercial and operational resilience, and further implementing our differentiation strategy to best serve our customers and create sustainable shareholder value. "

Source: ZIM official website