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ZIM Posts $86M Loss in Q1 as Volume Declines Ahead of Hapag-Lloyd Merger

ZIM Integrated Shipping Services reported a net loss of $86 million in the first quarter, a sharp reversal from $296 million in net income during the same period last year. The Israeli carrier is being acquired by Hapag-Lloyd. ZIM carried 866,000 TEUs, down 8% year-over-year, as weak demand pressured the sector. Average freight rates per TEU fell 26% to $1,310. Adjusted EBITDA plummeted 60% to $313 million, while adjusted EBIT swung to a $5 million loss from $463 million in profit. CEO Eli Glickman said results matched expectations given soft rates and reduced demand, though he noted early strength emerging on trans-Pacific routes. The carrier expects greater financial impact from elevated fuel costs tied to Persian Gulf tensions in coming quarters, having implemented surcharges to offset increases.