ZIM Q32023 net loss at $2.3bn, revenue drops 60%

Net revenue declined 60% to $1.3 billion driven by decrease in freight rates partially offset by a slight increase in carried volumes. ZIM carried 867,000 TEUs in Q32023 compared to 842,000 TEUs in Q32022, a marginal increase of two percent. Average freight rate per TEU was $1,139 for Q32023 compared to $3,353 for Q32022, a decline of 66%.

Given our negative outlook for freight rates in the near future, we recorded a non-cash impairment loss of approximately $2.1 billion, which negatively impacted our net results as well as revised our full year guidance. We now expect to generate adjusted EBITDA of $900-1,100 million and adjusted EBIT loss of $600-400 million in 2023: Eli Glickman, ZIM.

For the first nine months of 2023, ZIM reported revenue of $3.9 billion compared to $10.4 billion during the same period last year. Net loss came in at $2.5 billion as against a profit of $4.2 billion in 2022.

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