ZIM revises 2023 outlook, may report loss of $500-100mn

ZIM now expects to generate adjusted EBITDA $1.2 billion to $1.6 billion and adjusted EBIT loss of $500 million to $100 million compared to earlier guidance of adjusted EBITDA between $1.8 billion and $2.2 billion and adjusted positive EBIT between $100 to $500 million.

ZIM's updated full-year 2023 guidance is driven primarily by continued weakness in freight rates across all trades, particularly in the Transpacific, which is now expected to continue during the second half of 2023. Volume growth is also expected to be lower than originally forecasted as demand continues to be subdued.

We believe that our cost-effective and fuel-efficient newbuild capacity, particularly our newbuild LNG vessels, will markedly improve our cost structure and competitive position, allowing us to deliver sustainable value for both customers and shareholders over the long term: Eli Glickman, ZIM

ZIM had reported a net loss of $58 million in Q12023 with a 63% decline in revenue at $1.4 billion. While carried volume declined 10% to 769,000 TEUs, average freight rate dropped sharply (64%) to $1,390/TEU

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