ZIM Shipping Services Ltd · Q1 2026 earnings

Briefing

Q1 loss of $86M as freight rates fall 26%; revenue down 30% to $1.4B

ZIM Integrated Shipping reported Q1 2026 revenue of $1.40 billion, down 30% year over year, as average freight rate per TEU fell 26% to $1,310 and carried volume declined 8% to 866,000 TEUs. The company posted a net loss of $86 million ($(0.71) diluted EPS) compared to net income of $296 million in Q1 2025. Operating loss was $18 million vs operating income of $464 million prior year. Adjusted EBITDA was $313 million (22% margin), down 60% YoY; adjusted EBIT was a $5 million loss. Net cash from operations was $263 million and free cash flow was $235 million. Total cash position was $2.54 billion with net debt of $2.93 billion and net leverage of 1.7x. Management noted results were broadly in line with expectations amid a softer rate environment and flagged rising bunkering costs from Persian Gulf conflict.

• Revenue fell 30% to $1.40B; net loss of $86M vs net income of $296M in Q1 2025
• Average freight rate per TEU dropped 26% to $1,310; volume down 8% to 866K TEUs
• Adjusted EBITDA was $313M (22% margin), down 60% YoY; adjusted EBIT loss of $5M
• Free cash flow of $235M; net debt $2.93B with net leverage ratio of 1.7x
• Fleet of 114 containerships (699K TEU capacity); ~65% of Transpacific volume on spot rates

Headline financials

Revenue & EPS history