In the second quarter, Zim’s profit amounted to $24 million – a significant drop compared to the $373 million in the same period last year.
The shipping company’s sales slumped by 15%, and following the announcement of the results, the share price also fell by 9%. The company, which is currently still listed on the NYSE, missed both its revenue and profit forecasts by a significant margin.
Nevertheless, according to Alphaliner reports, Zim slightly raised the lower end of its forecast for 2025: EBITDA is expected to be between $1.8 and $2.2 billion (previously $1.6 – $2.2 billion), with EBIT at $550 million (previously $350 million) to $950 million. In the second quarter, sales amounted to $1.5 billion (-15%), EBITA to $472 million (-38%) and EBIT to $149 million (-69%). Volumes were also down slightly at -6% and freight rates fell by 12%. Zim expects volumes to stagnate overall for the financial year, with a further decline and lower freight rates expected for the second half of the year. In the first quarter, Zim was still able to generate a profit of $300 million.
“We do not expect a strong peak season this year,” says CEO Eli Glickman. “As cargoes previously withdrawn from the transpacific have resumed, we expect continued pressure on freight rates in 2025.”
Turkey bans Israeli ships from docking
The world’s ninth-largest container shipping company, with a total volume of 760,000 TEU, is not only navigating turbulent waters financially. The company is also facing political difficulties due to its Israeli affiliation: On Monday, it was announced that Zim ships would no longer be allowed to dock in Turkish ports.
“Due to a new Turkish regulation, ships owned, managed or operated by a company affiliated with Israel are no longer allowed to dock in Turkish ports. This regulation has come into force with immediate effect,” Turkish port authorities told Zim in a statement. Ships with military cargo for Israel are also affected by the regulation, and ships flying the Turkish flag are also not allowed to call at Israeli ports.
At short notice, the “Antwerp” (10,062 TEU), which was originally due to call at Turkey, had to be diverted to Piraeus due to this regulation. Other ships will also be affected. The “Antwerp” sails in the “Zim Med Premium” (ZMP) service, which operates between the Far East and the Mediterranean and calls at four ports in Turkey. 15 ships with capacities of between 5,500 and 10,000 TEU are deployed on the route. Turkey is also served by two other services: The transatlantic “Zim Container Service Atlantic” (ZCA) and the regional route “Black Sea Express” (TBX). It is not yet known whether and how Turkey will continue to be served by Zim.
