- Revenue of $1273M
- Net Loss of $2270 (including an impairment loss of $2063M)
- Carried volume increased
- Newbuild vessels, many with LNG fuel option, have started joining the ZIM fleet.
The revenue drop was not a surprise. Maersk, HapagLloyd have already explained how dramatic the rate plunge has been. Still trying to grasp the meaning of a ~ $2.1B non-cash impairment. I think a couple of analysts, via their questions, were trying to extract similar understanding. ZIM mgmt confirm blank sailing are occurring with limited results. Company has option to return 5 vessels this year, and 34 next year. Mgmt doesn’t seem to be overly optimistic about market improving in 2024