ZIM Integrated Shipping falls on earnings forecast cut for FY2023

Zim Integrated Shipping Services

12/07/2023 13:18

** U.S.-listed shares of Israel-based co ZIM Integrated
Shipping Services Ltd  ZIM.N  down 2.1% at $13.1 premarket
    ** Co lowers FY 2023 adj. EBITDA forecast to the range of
$1.2 bln-$1.6 bln, compared with $1.8 bln-$2.2 bln previously
expected
    ** Cites continued weakness in freight rates       
    ** Now sees full-year adj. EBIT loss of $500 mln to $100 mln
vs prior forecast of adj. positive EBIT between $100 mln and
$500 mln
    ** Also forecasts volume growth to be lower than originally
expected as demand continues to be subdued
    ** Stock down ~22% YTD

 (Reporting by Yamini Kalia in Bengaluru)
 ((Yamini.Kalia@thomsonreuters.com))