Quarterly loss for Zim ahead of Hapag-Lloyd takeover

ZIM Integrated Shipping Services Ltd. said it carried less cargo than a year ago as weak demand sent it to a loss in the first quarter. The Israeli liner (NYSE: ZIM), which is set to be acquired by Hapag-Lloyd of Germany, posted a net loss of $86 million compared to net income of $296 million in the first quarter of 2025. A diluted loss per share of $.71 marked a reversal compared to diluted earnings per share of $2.45 a year ago. Revenues slumped 30% to $1.4 billion y/y. Most major carriers in the quarter saw profits tumble on increased shipments; Zim was an exception as carried volume in the first quarter was 866,000 twenty foot equivalent units (TEUs), off 8% y/y. It’s worth noting difficult year-on-year comparisons industry-wide due to elevated frontloading in 2025 as shippers rushed to beat tariff increases.   Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) crashed 60% to $313 million. The operating loss of earnings before interest and taxes (EBIT) was $18 million, from income of $464 million the previous year. Adjusted EBIT loss for the first quarter was $5 million, compared to adjusted EBIT of $463 million in the first quarter of 2025. Zim’s average freight rate per TEU was $1,310, down 26%. “Our first quarter results were broadly in line with our expectations, reflecting a softer freight rate environment, coupled with weaker demand,” said Eli Glickman, Zim president and chief executive, in a statement.  Glickman said that while higher fuel costs from the Iran conflict in the Persian Gulf had minimal effect in the first quarter, the company expects a greater impact in the second quarter. The carrier has increased freight rates and applied bunker-specific surcharges to offset higher costs. “Although market fundamentals remain challenging across ZIM’s main trade lanes, we have recently observed a positive change in the trend on the trans-Pacific trade with freight rates strengthening alongside demand,” said Glickman. “If this momentum continues, we expect it to support our financial performance, particularly in the second half of the year.” As in 2025, Zim again is aligning its business plan with the spot market. Approximately 65% of its contracted trans-Pacific volume is exposed to spot rates.  “This approach underpins our nimble commercial strategy and allows us to stay agile and proactive in deploying capacity as demand patterns shift,” Glickman said. Read more articles by Stuart Chirls here. Related coverage: Is peak season here? Trans-Pacific rates level in latest week Could new Zim offer start bidding war?  This autonomous ship mooring system really sucks – and that’s a good thing The U.S. Navy wants to build 15 nuclear-powered battleships   Upcoming FreightWaves Events Fraud & Security Freight Fraud Symposium Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it. May 20, 2026 Rock & Roll Hall of Fame • Cleveland, OH Register Now AI & Technology Supply Chain AI Symposium Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain. July 15, 2026 The Old Post Office • Chicago, IL Register Now Rail & Policy Future of Rail Symposium Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade. July 28, 2026 The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now Fraud & Security Freight Fraud Symposium May 20 • Cleveland, OH Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it. Rock & Roll Hall of Fame • Cleveland, OH Register Now AI & Technology Supply Chain AI Symposium Jul 15 • Chicago, IL Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain. The Old Post Office • Chicago, IL Register Now Rail & Policy Future of Rail Symposium Jul 28 • Chattanooga, TN Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade. The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now

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• May 21st, 2026
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