ZIM Q2 net loss at $213mn, revenue drops 62%

Average freight rate declines 67% to $1,193/TEU and carried volume was marginally higher at 860,000 during Q22023.
Although our second quarter results reflected continued near-term challenges in the container shipping market, our total cash position of $3.2 billion at quarter's end remains strong. We believe our ample liquidity and solid balance sheet will enable ZIM to operate from a position of strength and maintain a long-term view even during a prolonged period of market weakness: Eli Glickman, ZIM
Total revenue was down 62% to $2.7 billion in H12023. ZIM carried 1.6 million TEUs and the average freight rate per TEU was $1,286 compared to $3,722 for H12022, a decline of 65%. Net loss for the first half of 2023 was $271 million compared to a net income of $3 billion for the first half of 2022.
ZIM forecasts full year adjusted EBITDA of $1.2-1.6 billion and adjusted EBIT loss of $500 million to $100 million in 2023. The guidance reflects continued weakness in freight rates across trades, particularly in the Transpacific, which ZIM expects to continue during the second half of 2023. Volume growth is also expected to be lower than originally forecast as demand continues to be subdued.
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