ZIM Integrated Shipping falls as Q1 results fail to impress

Zim Integrated Shipping Services

21/05/2024 12:49

** U.S.-listed shares of Israeli shipping company ZIM
Integrated  ZIM.N  fall ~10% to $17.37 premarket
    ** Co reports Q1 revenue below estimates for the fifth
straight quarter
    ** Co will issue a dividend of 23 cents per share and raises
midpoint of FY adjusted EBITDA to $1.35 bln from the earlier
$1.15 bln
    ** "We now expect freight rates to remain stronger for
longer than initially anticipated due to a combination of
continued pressure on supply and availability of equipment and a
recent uptick in demand," ZIM CEO Eli Glickman said
    ** The stock has jumped 94% YTD

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))