Track market-moving stories before they get noisy

ZIM Integrated Shipping Services (ZIM - Free Report) closed the most recent trading day at $24.92, moving +2.51% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.89%. Meanwhile, the Dow gained 0.74%, and the Nasdaq, a tech-heavy index, added 1.29%.

Shares of the container shipping company have depreciated by 3.8% over the course of the past month, underperforming the Transportation sector's gain of 4.54%, and the S&P 500's loss of 0.63%.

Investors will be eagerly watching for the performance of ZIM Integrated Shipping Services in its upcoming earnings disclosure. In that report, analysts expect ZIM Integrated Shipping Services to post earnings of -$0.1 per share. This would mark a year-over-year decline of 152.63%. Meanwhile, our latest consensus estimate is calling for revenue of $1.63 billion, down 0.58% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.15 per share and a revenue of $7.05 billion, indicating changes of +2.27% and +2.09%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for ZIM Integrated Shipping Services. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 143.51% upward. Currently, ZIM Integrated Shipping Services is carrying a Zacks Rank of #1 (Strong Buy).

In terms of valuation, ZIM Integrated Shipping Services is currently trading at a Forward P/E ratio of 7.72. This signifies a discount in comparison to the average Forward P/E of 8.81 for its industry.

The Transportation - Shipping industry is part of the Transportation sector. With its current Zacks Industry Rank of 62, this industry ranks in the top 26% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Global shipping is the backbone of international trade, yet the sector remains notoriously cyclical and sensitive to geopolitical shifts. Investors comparing Frontline (FRO 0.08%) and ZIM Integrated Shipping Services (ZIM 0.04%) are looking at two different corners of this vast market.

While one company transports the energy that powers the world, the other carries the finished goods found on retail shelves. This comparison explores their recent financial performance, balance sheet health, and the unique risks each faces.

The case for FrontlineFrontline operates as a major player among industrial stocks by managing a modern fleet of tankers. The company primarily transports crude oil and refined petroleum products for global energy markets, utilizing various vessel sizes like Very Large Crude Carriers. This strategy allows the company to benefit from fluctuations in oil demand and shifts in global trade routes.

Financial performance remains tied to spot market rates for tankers, which can be highly volatile. In FY 2025, revenue reached approximately $2 billion, which represented a decrease of nearly 4% compared to the prior year. Despite lower revenue, the company achieved a net income of roughly $379.1 million, resulting in a healthy net margin of approximately 19.3% for the period.

As of its December 2025 balance sheet, the company maintained a debt-to-equity ratio of nearly 1.2x. This ratio shows that the company uses $1.20 of debt for every dollar of shareholder equity. The current ratio, which measures the ability to cover short-term debts with short-term assets, stood at roughly 1.4x. During the same period, the company generated close to $669.9 million in free cash flow, representing the cash left over after paying for operations and capital equipment.

ZIM Integrated Shipping Services takes a different approach by focusing on container shipping and logistics. Unlike some competitors that own all their ships, ZIM often uses a flexible model to charter vessels based on market demand. The company serves more than 30,000 customers across 90 countries, focusing on high-growth lanes like the Transpacific and Intra-Asia routes.

Revenue for ZIM can swing significantly based on global container freight rates. For FY 2025, the company reported revenue of  $6.9 billion, a decline of approximately 18% from the previous year. This resulted in a net income of close to $481 million. The net margin for the fiscal year was approximately 6.9%, illustrating the tighter profitability currently found in the container segment compared to tankers.

Based on the December 2025 balance sheet, ZIM carried a debt-to-equity ratio of roughly 1.4x. This indicates its total debt is 1.4 times the value of its equity. Its current ratio was approximately 1.2x, suggesting it has sufficient liquidity to meet its immediate financial obligations. A bright spot was its free cash flow, which reached nearly $1.6 billion in FY 2025, providing significant capital for fleet adjustments or shareholder returns.

Risk profile comparisonFrontline faces risks primarily related to the global energy transition and oil production levels. Changes in OPEC production quotas or sudden shifts in oil demand can leave tankers underutilized. Furthermore, the company must navigate complex international regulations regarding vessel emissions and ballast water treatment. Competition from other large tanker operators like Euronav,or DHT Holdings also exerts pressure on daily charter rates.

ZIM is highly sensitive to consumer spending habits and global economic health. If retail demand softens, container volumes and freight rates typically drop quickly. The company also deals with logistical hurdles, such as port congestion and regional instability in key waterways like the Suez Canal. ZIM must also compete for market share against massive global entities like A.P. Moller - Maersk and Hapag-Lloyd, which may have larger scale and more integrated logistics networks.

Valuation comparisonFrontline appears much more affordable based on future earnings estimates, while ZIM offers a significantly lower valuation relative to its total annual sales.

MetricFrontlineZIM Integrated Shipping ServicesSector BenchmarkForward P/E4.8x35.7x25xP/S ratio4.4x0.4xn/aSector benchmark uses the SPDR XLI sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?Choosing between Frontline and ZIM Integrated Shipping means making a bet on either the transportation of oil or the transportation of consumer goods. Potential investors should think about the demand for each product class, as well as the risks and complexities involved with shipping them around the world.

Frontline benefits from geopolitical volatility that can raise the demand for and cost of crude oil. But it also must navigate the associated physical disruptions, including the recent uncertainty around the Strait of Hormuz. ZIM’s focus on consumer goods leaves it vulnerable to changes in consumer demand, which can dry up quickly in tough economic environments — its 18% revenue decline in 2025 bears this out. It also must navigate the physical challenges of shipping goods around the world, but its asset-light business model of leasing rather than owning its ships provides some balance sheet flexibility and reduces risk.

Both companies pay attractive dividend yields, which could appeal to income investors. Frontline may be the bigger beneficiary of the higher charter prices and oil demand resulting from the Iran war, which makes it a compelling opportunity for investors who are willing to follow the day-to-day fluctuations closely. ZIM’s connection to consumer goods and more flexible operating model might be more compelling for long-term investors looking for a long-term set-it-and-forget-it investment.

In the latest close session, ZIM Integrated Shipping Services (ZIM - Free Report) was up +2.84% at $24.60. The stock exceeded the S&P 500, which registered a loss of 0.28% for the day. On the other hand, the Dow registered a loss of 1.09%, and the technology-centric Nasdaq increased by 0.2%.

The container shipping company's stock has dropped by 6.2% in the past month, falling short of the Transportation sector's gain of 1.18% and the S&P 500's gain of 1.64%.

The investment community will be closely monitoring the performance of ZIM Integrated Shipping Services in its forthcoming earnings report. The company is expected to report EPS of -$0.1, down 152.63% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.63 billion, down 0.58% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.15 per share and a revenue of $7.05 billion, signifying shifts of +2.27% and +2.09%, respectively, from the last year.

It is also important to note the recent changes to analyst estimates for ZIM Integrated Shipping Services. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 143.51% higher. ZIM Integrated Shipping Services is holding a Zacks Rank of #1 (Strong Buy) right now.

Digging into valuation, ZIM Integrated Shipping Services currently has a Forward P/E ratio of 7.59. This represents a discount compared to its industry average Forward P/E of 8.47.

The Transportation - Shipping industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 41, placing it within the top 17% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

ZIM Integrated Shipping Services (ZIM) stock is under immense pressure this morning following a massive regulatory roadblock to its highly anticipated buyout.

The sell-off even saw ZIM sink below its 20-day and 50-day moving averages on Monday, signaling the bears are beginning to take back control across multiple timeframes.

Following today’s weakness, ZIM shares are down nearly 20% versus their year-to-date high.

Investors bailed on ZIM stock after Prime Minister Benjamin Netanyahu and his Defense Minister Israel Katz both came out in staunch opposition of the firm’s proposed $4.2 billion acquisition by Hapag-Lloyd.

Back in February, the German shipping giant agreed to buy ZIM Integrated for $35 a share in cash. But in a recent government meeting, Prime Minister Netanyahu flatly stated that the acquisition is “not on the agenda at all.”

Defense Minister Katz echoed his stance, acting on advice from the defense establishment that the sale in its current format fails to preserve Israel's strategic security interests.

Government officials specifically raised red flags over the fact that major sovereign and institutional investors from Qatar and Saudi Arabia hold significant ownership stakes in Hapag-Lloyd.

Note that ZIM Integrated is currently hovering around $24, versus its pandemic-era high of nearly $85.

Because the State of Israel holds a “Golden Share” in the company, the government has strict legal authority to veto any ownership transfer that it deems a threat to maritime sovereignty or national interest.

Crucially, Minister Katz explicitly threatened to exercise this authority if necessary.

Therefore, investors are rapidly pricing in the reality that this multi-billion dollar premium exit is falling apart.

ZIM issued a brief press release this morning stating they “continue to act in accordance with the agreement” and are collaborating with state authorities, but the definitive pushback from the very top of Israel’s leadership has stripped away most of the merger premium that was baked into ZIM shares.

With the $35-a-share buyout premium rapidly evaporating, ZIM Integrated’s immediate technical setup looks increasingly precarious.

Surrendering the key 20-day and 50-day moving averages in a single session changes the near-term narrative from a stable arbitrage play to an aggressive battle for support.

If the Israeli government formalizes its veto using the Golden Share, ZIM stock will have to pivot back to navigating a volatile, post-pandemic freight market entirely on its own fundamental merits.

For now, the company remains chained to geopolitical headlines – and the market is signaling that unless Hapag-Lloyd can restructure the deal to pacify Israel’s defense establishment, the path of least resistance is likely lower.

Note that Wall Street analysts also currently have a consensus “Hold” rating only on Zim Integrated

ZIM Integrated Shipping Services (ZIM - Free Report) closed the most recent trading day at $25.91, moving +1.29% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 1.18% for the day. Meanwhile, the Dow gained 0.59%, and the Nasdaq, a tech-heavy index, added 2.07%.

The stock of container shipping company has risen by 8.9% in the past month, leading the Transportation sector's gain of 2.8% and the S&P 500's loss of 2.9%.

The upcoming earnings release of ZIM Integrated Shipping Services will be of great interest to investors. In that report, analysts expect ZIM Integrated Shipping Services to post earnings of $0.25 per share. This would mark year-over-year growth of 31.58%. In the meantime, our current consensus estimate forecasts the revenue to be $1.88 billion, indicating a 14.77% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$7.24 per share and revenue of $5.87 billion, which would represent changes of -335.06% and -14.91%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for ZIM Integrated Shipping Services. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, ZIM Integrated Shipping Services boasts a Zacks Rank of #3 (Hold).

The Transportation - Shipping industry is part of the Transportation sector. Currently, this industry holds a Zacks Industry Rank of 60, positioning it in the top 25% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

It has been about a month since the last earnings report for ZIM Integrated Shipping Services (ZIM - Free Report) . Shares have lost about 3.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is ZIM due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for ZIM Integrated Shipping Services Ltd. before we dive into how investors and analysts have reacted as of late.

ZIM Misses on Q1 EarningsZIM Integrated Shipping Services Ltd. reported first-quarter 2026 loss per share of 72 cents, which was wider than the Zacks Consensus Estimate loss of 22 cents. In the year-ago reported quarter, ZIM reported earnings per share of $2.45.

Revenues of $1.39 billion missed the Zacks Consensus Estimate of $1.59 billion and declined 30.4% from the year-ago quarter. This was due to the decrease in freight rates and carried volume.

Carried volume in the first quarter decreased 8% year over year to 866 thousand TEUs (twenty-foot equivalent units). Average freight rate per TEU in the first quarter decreased 26% year over year to $1,310.

Adjusted EBITDA for the first quarter was $313 million, down 60% on a year-over-year basis. Adjusted EBITDA margins for the first quarter of 2026 fell to 22% from 39% in the year-ago quarter.

Adjusted EBIT loss for the first quarter was $5 million compared with adjusted EBIT of $463 million in the first quarter of 2025. Adjusted EBIT margins in the first quarter of 2026 fell to 0% from 23% in the year-ago quarter.

LiquidityZIM exited the first quarter with cash and cash equivalents of $921.6 million compared with $1.05 billion at the end of the previous quarter.

ZIM generated $263 million of cash from operating activities in the first quarter of 2026. Net capital expenditures totaled $28 million for the reported quarter. Free cash flow was $235 million.

ZIM’s First-Quarter 2026 DividendBased on its dividend policy and in light of the net loss recorded in the first quarter of 2026, ZIM’s board of directors has declared not to pay any dividend to shareholders on account of its first-quarter results.

Deal With Hapag-LloydOn Feb. 16, 2026, ZIM announced that it had inked a deal with Hapag-Lloyd, per which ZIM would be purchased by Hapag-Lloyd for $35.00 per share in cash. The deal was unanimously approved by ZIM's board of directors and approved by shareholders at a special meeting held on April 30, 2026. Subject to satisfaction of customary closing conditions, including approvals by various regulatory authorities, among them the State of Israel, pursuant to the requirements of the Special State Share (the "Golden Share"), the deal is anticipated to be completed in the fourth quarter of 2026.

How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM ScoresAt this time, ZIM has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a score of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook ZIM has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

In the latest trading session, ZIM Integrated Shipping Services (ZIM - Free Report) closed at $26.70, marking a +1.17% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.8%. On the other hand, the Dow registered a loss of 0.15%, and the technology-centric Nasdaq increased by 1.6%.

The container shipping company's stock has dropped by 3.72% in the past month, falling short of the Transportation sector's gain of 5.95% and the S&P 500's gain of 5.15%.

The upcoming earnings release of ZIM Integrated Shipping Services will be of great interest to investors. The company is predicted to post an EPS of -$0.22, indicating a 108.98% decline compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.59 billion, down 20.58% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$7.24 per share and revenue of $5.87 billion, indicating changes of -335.06% and -14.91%, respectively, compared to the previous year.

Investors should also pay attention to any latest changes in analyst estimates for ZIM Integrated Shipping Services. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.41% upward. Right now, ZIM Integrated Shipping Services possesses a Zacks Rank of #3 (Hold).

The Transportation - Shipping industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 49, placing it within the top 21% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced today that the Company will release its first quarter 2026 financial results on Wednesday, May 20, 2026, before the U.S. financial markets open.

In light of the pending merger transaction with Hapag-Lloyd announced by the Company on February 17, 2026, the Company will not be holding a conference call.

About ZIM

Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

ZIM Contacts

Media:

Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
[email protected] 

Investor Relations:

Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
[email protected] 

Leon Berman
The IGB Group
212-477-8438
[email protected] 

Logo - https://mma.prnewswire.com/media/1933864/ZIM_Logo.jpg

SOURCE Zim Integrated Shipping Services Ltd.

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Kirby (KEX - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.41 per share. This compares to earnings of $1.33 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +6.76%. A quarter ago, it was expected that this barge operator would post earnings of $1.62 per share when it actually produced earnings of $1.68, delivering a surprise of +3.7%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Kirby, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $844.1 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.25%. This compares to year-ago revenues of $785.66 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Kirby shares have added about 38.5% since the beginning of the year versus the S&P 500's gain of 4.2%.

What's Next for Kirby?While Kirby has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Kirby was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.71 on $875.69 million in revenues for the coming quarter and $6.81 on $3.45 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, ZIM Integrated Shipping Services (ZIM - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 20.

This container shipping company is expected to post quarterly loss of $0.22 per share in its upcoming report, which represents a year-over-year change of -109%. The consensus EPS estimate for the quarter has been revised 113.7% higher over the last 30 days to the current level.

ZIM Integrated Shipping Services' revenues are expected to be $1.59 billion, down 20.6% from the year-ago quarter.

© Golden Dayz / Shutterstock.com

The hosts of The Best One Yet (TBOY) podcast have been arguing that the macro baton is changing hands. After interest rates dominated the economy for the past four years following the 2022 inflation spike, oil is now becoming the primary economic lever. The framing is straightforward. High interest rates “froze” housing markets, “closed” construction markets, and made stock markets super interest rate sensitive. Now, with the UAE leaving OPEC and weakening the cartel’s ability to stabilize prices, and Iran discovering “how much leverage they can get by controlling the Strait of Hormuz,” the variable that matters most for asset prices is barreling back toward the wellhead.

The price action backs them up. WTI bottomed near $56.01 on January 7, 2026 and spiked to $114.58 on April 7, 2026. Brent monthly averages tell the same story, jumping from $70.89 in February to $103.13 in March 2026. That is the kind of swing that overwrites a Fed dot plot.

The Beneficiaries: Integrated Majors ExxonMobil (NYSE:XOM | XOM Price Prediction) is up 29.41% year-to-date and 47.64% over the past year, even after FY2025 net income slipped to $28.84 billion from $33.68 billion on softer crude. CEO Darren Woods has emphasized resilience and pointed to $15.1 billion in cumulative structural cost savings since 2019 and record production of 4.7 million oil-equivalent barrels per day. The 43-year dividend growth streak looks even sturdier in this regime, a point we explored in our recent breakdown.

Chevron (NYSE:CVX) has rallied 27.36% YTD, helped by the closed Hess deal and record 2025 production of 3,723 MBOED, up 12% YoY, with $27.10 billion returned to shareholders. Mike Wirth called “industry-leading free cash flow growth and superior shareholder returns, despite declining oil prices” the headline of the year. Our Chevron versus ConocoPhillips comparison walks through the trade-offs.

Across the Atlantic, Shell (NYSE:SHEL) is up 22.13% YTD and leans on record LNG sales of 73 million tonnes. BP (NYSE:BP) is the surprise leader, up 36.52% YTD and 76.51% over one year, after its trading desk swung customers and products underlying RC profit from $13M to $2.19B during the Iran conflict.

The Collateral: Shipping ZIM Integrated Shipping Services (NYSE:ZIM) shows the other side. Q4 2025 freight rates per TEU fell 29% to $1,333 as Red Sea reroutings normalized, but Eli Glickman flagged “a complex geopolitical landscape, frequent changes in tariff policies and an ongoing global trade war.” The $35.00/share Hapag-Lloyd merger is the exit.

What to watch next: OPEC+ supply discipline, Strait of Hormuz transit data, and whether refining cracks hold. In an oil-led cycle, those inputs matter more than the next FOMC statement.

Interest rates right now are essentially subordinate to these oil price trends. If oil prices go down, so will interest rates. If oil prices stay high, so will interest rates. There’s no rationale for an interest rate cut if oil prices stay above $100. The increased transportation prices and general volatility will eventually seep into everything. The 2022 inflation wave wasn’t bad just because prices were high. It was bad especially because you had a crisis in Eastern Europe as Russian oil stopped flowing to Europe and Europe started relying on the U.S. for energy.

Now if this oil crisis lasts longer, Asia will also be relying on the U.S. for energy. Unless exports are throttled, that demand will translate into higher domestic oil prices, and eventually, higher inflation and then higher interest rate. Thus, oil is the most important variable by far right now.

ZIM Integrated Shipping Services (ZIM - Free Report) closed at $27.84 in the latest trading session, marking a -2.49% move from the prior day. This move lagged the S&P 500's daily gain of 1.46%. Meanwhile, the Dow gained 1.24%, and the Nasdaq, a tech-heavy index, added 2.03%.

The container shipping company's shares have seen an increase of 8.56% over the last month, surpassing the Transportation sector's gain of 4.93% and falling behind the S&P 500's gain of 10.32%.

The investment community will be paying close attention to the earnings performance of ZIM Integrated Shipping Services in its upcoming release. The company is slated to reveal its earnings on May 20, 2026. The company is predicted to post an EPS of -$0.22, indicating a 108.98% decline compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.59 billion, down 20.58% from the prior-year quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$7.24 per share and a revenue of $5.87 billion, signifying shifts of -335.06% and -14.91%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for ZIM Integrated Shipping Services. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.41% higher. ZIM Integrated Shipping Services presently features a Zacks Rank of #3 (Hold).

The Transportation - Shipping industry is part of the Transportation sector. This group has a Zacks Industry Rank of 92, putting it in the top 38% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow ZIM in the coming trading sessions, be sure to utilize Zacks.com.

ZIM Integrated Shipping Services (ZIM - Free Report) closed the most recent trading day at $25.79, moving -2.57% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.16%. Meanwhile, the Dow gained 0.11%, and the Nasdaq, a tech-heavy index, lost 0.71%.

Prior to today's trading, shares of the container shipping company had lost 0.23% lagged the Transportation sector's gain of 1.9% and the S&P 500's gain of 8.81%.

The upcoming earnings release of ZIM Integrated Shipping Services will be of great interest to investors. The company's earnings report is expected on May 20, 2026. The company is predicted to post an EPS of -$0.22, indicating a 108.98% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $1.59 billion, indicating a 20.58% decline compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$7.24 per share and revenue of $5.87 billion. These totals would mark changes of -335.06% and -14.91%, respectively, from last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for ZIM Integrated Shipping Services. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. ZIM Integrated Shipping Services presently features a Zacks Rank of #3 (Hold).

The Transportation - Shipping industry is part of the Transportation sector. With its current Zacks Industry Rank of 46, this industry ranks in the top 19% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Reported First Quarter Revenues of $1.40 Billion, Net Loss of $86 Million, Adjusted EBITDA1 of $313 Million and Adjusted EBIT1 Loss of $5 Million

, /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company"), a global container liner shipping company, announced today its consolidated results for the three months ended March 31, 2026.

First Quarter 2026 Highlights

Net loss for the first quarter was $86 million (compared to a net income of $296 million in the first quarter of 2025), or diluted loss per share of $0.712 (compared to diluted earnings per share of $2.45 in the first quarter of 2025). Adjusted EBITDA for the first quarter was $313 million, a year-over-year decrease of 60%. Operating loss (EBIT) for the first quarter was $18 million, compared to operating income of $464 million in the first quarter of 2025. Adjusted EBIT loss for the first quarter was $5 million, compared to Adjusted EBIT of $463 million in the first quarter of 2025. Revenues for the first quarter were $1.40 billion, a year-over-year decrease of 30%. Carried volume in the first quarter was 866 thousand TEUs, a year-over-year decrease of 8%. Average freight rate per TEU in the first quarter was $1,310, a year-over-year decrease of 26%. Net leverage ratio1 of 1.7x as of March 31, 2026, compared to 1.3x as of December 31, 2025; net debt1 of $2.93 billion as of March 31, 2026, compared to net debt of $2.92 billion as of December 31, 2025. Eli Glickman, ZIM President & CEO, stated, "Our first quarter results were broadly in line with our expectations, reflecting a softer freight rate environment, coupled with weaker demand. Importantly, as the proposed transaction with Hapag-Lloyd moves forward and we continue to navigate the ongoing hostilities affecting Israel and the Middle East, ZIM remains firmly focused on service reliability and disciplined execution. We appreciate the strong support of our valued customers, who have remained engaged and constructive throughout this period."

Mr. Glickman added, "The conflict in the Persian Gulf has sparked a sharp increase and significant volatility in bunkering costs. While the impact on first quarter results was minimal, we expect a more meaningful effect in the second quarter, before our actions to offset these costs, including increased freight rates and bunker-specific surcharges, begin to take hold. It is also important to note that ZIM is likely to see incremental benefits from our early adoption of LNG technology and long-term agreements with Shell securing LNG supply on competitive terms. With a fleet comprised of approximately 40% LNG-powered capacity, ZIM not only offers shippers a pathway to significantly reduced carbon emissions but maintains a fuel-efficient and cost-effective fleet."

"Although market fundamentals remain challenging across ZIM's main trade lanes, we have recently observed a positive change in the trend on the Transpacific trade with freight rates strengthening alongside demand. If this momentum continues, we expect it to support our financial performance, particularly in the second half of the year. In parallel, we completed annual contract negotiations, which went into effect on May 1, maintaining similar contracted volumes to last year with approximately 65% of our Transpacific volume exposed to spot rates. This approach underpins our nimble commercial strategy and allows us to stay agile and proactive in deploying capacity as demand patterns shift. Moreover, initiatives such as ZIM on Air, a newly launched service that provides combined sea and air shipping from Asia to the U.S and Europe, underscore our innovative spirit and ability to deliver differentiated solutions. We continue to receive very positive feedback from both existing and new customers who rely on ZIM to meet their evolving shipping needs."

Mr. Glickman concluded, "Pending completion of the proposed transaction with Hapag-Lloyd, which remains subject to approvals by various regulatory authorities including the State of Israel, our commitment to operational excellence and customer service remains unchanged. The strength of our organization begins with our people, and I thank the exceptional ZIM team for its dedication and service especially during this turbulent time. With our improved cost base and modernized fleet, we believe we have built a business that is well positioned to weather near-term headwinds and support long-term profitable growth."

Summary of Key Financial and Operational Results

Q1-26

Q1-25

Carried volume (TEU in thousands) .................... 

866

944

Average freight rate ($/TEU)................................

1,310

1,776

Total revenues ($ in millions)...............................

1,396

2,007

Operating income (loss) (EBIT) ($ in millions)..... 

(18)

464

Profit (loss) before income tax ($ in millions)....... 

(98)

381

Net income (loss) ($ in millions)...........................

(86)

296

Adjusted EBITDA ($ in millions)...........................

313

779

Adjusted EBIT ($ in millions)................................

(5)

463

Net income (loss) margin (%).............................. 

(6)

15

Adjusted EBITDA margin (%)..............................

22

39

Adjusted EBIT margin (%)...................................

(0)

23

Diluted earnings (loss) per share ($)................... 

(0.71)

2.45

Net cash generated from operating
activities ($ in millions)........................................ 

263

855

Free cash flow1 ($ in millions).............................

235

787

MAR-31-26

DEC-31-25

Net debt ($ in millions)......................................... 

2,933

2,925

Financial and Operating Results for the First Quarter Ended March 31, 2026

Total revenues were $1.40 billion for the first quarter of 2026, compared to $2.01 billion for the first quarter of 2025, mainly driven by a decrease in freight rates, as well as in carried volume.

ZIM carried 866 thousand TEUs in the first quarter of 2026, compared to 944 thousand TEUs in the first quarter of 2025. The average freight rate per TEU was $1,310 for the first quarter of 2026, compared to $1,776 for the first quarter of 2025.

Operating loss (EBIT) for the first quarter of 2026 was $18 million, compared to operating income of $464 million for the first quarter of 2025. The decrease was driven primarily by the above-mentioned decrease in revenues.

Net loss for the first quarter of 2026 was $86 million, compared to net income of $296 million for the first quarter of 2025, driven primarily by the above-mentioned decrease in revenues, partially offset by the change in income taxes.

Adjusted EBITDA for the first quarter of 2026 was $313 million, compared to $779 million for the first quarter of 2025. Adjusted EBIT loss was $5 million for the first quarter of 2026, compared to Adjusted EBIT of $463 million for the first quarter of 2025. Adjusted EBITDA and Adjusted EBIT margins for the first quarter of 2026 were 22% and 0%, respectively. This compares to 39% and 23% for the first quarter of 2025, respectively.

Net cash generated from operating activities was $263 million for the first quarter of 2026, compared to $855 million for the first quarter of 2025.

Liquidity, Cash Flows and Capital Allocation

ZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $265 million from $2.80 billion as of December 31, 2025 to $2.54 billion as of March 31, 2026. Capital expenditures totaled $31 million for the first quarter of 2026, compared to $78 million for the first quarter of 2025. Net debt position as of March 31, 2026, was $2.93 billion, compared to a net debt position of $2.92 billion as of December 31, 2025, an increase of $8 million. ZIM's net leverage ratio as of March 31, 2026, was 1.7x, compared to 1.3x as of December 31, 2025.

Fleet Update

ZIM currently operates 114 containerships with a total capacity of 699 thousand TEUs, as well as 13 car carriers, compared to 126 containerships with total capacity of 774 thousand TEU and 15 car carriers as of our Q1 2025 earnings release (May 19, 2025).

In addition, the Company has 10 containerships scheduled for charter expiration in 2026, representing an aggregate capacity of approximately 36 thousand TEU. In 2027, 17 containerships are scheduled for charter expiration, representing an aggregate capacity of approximately 34 thousand TEU.

ZIM has entered into charter agreements for an aggregate of approximately 250 thousand TEU of newbuild capacity, with deliveries scheduled for future periods, including:

Four 8,000 TEU vessels with charter durations between 5 to 7.5 years and expected delivery between the second half of 2026 and the first half of 2027 Ten 11,500 TEU dual-fuel LNG vessels with charter duration of 12 years and expected delivery between 2027 and 2028. ZIM holds options to purchase these vessels Two containerships with capacity of 12,000 TEU, scheduled for delivery between 2027 and 2028, with charter periods of up to five years, in addition to optional extensions 20 ships with capacity ranging from 3,000 to 5,000 TEU, scheduled for delivery between 2027 and 2028, with charter periods of up to five years, in addition to optional extensions Volume Breakdown by Geographic Trade Zone (K TEU)*

Three months ended March 31

2026

2025

Pacific

391

385

Cross-Suez

66

85

Atlantic

114

140

Intra-Asia

198

193

Latin America

97

141

Total

866

944

* The table above may contain slight summation differences due to rounding.

First Quarter 2026 Dividend

In accordance with its dividend policy and in light of the net loss recorded in the first quarter of 2026, the Company will not pay a dividend to shareholders on account of its first quarter results.

All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law. In addition, distribution of special dividends is restricted under the merger agreement between the Company and Hapag-Lloyd.

Transaction with Hapag-Lloyd

On February 16, 2026, ZIM announced that it entered into a merger agreement with Hapag-Lloyd, under which Hapag-Lloyd will acquire ZIM for $35.00 per share in cash. The transaction was unanimously approved by ZIM's Board of Directors and approved by shareholders at a special meeting held on April 30, 2026. The transaction remains subject to satisfaction of customary closing conditions, including approvals by various regulatory authorities among them the State of Israel pursuant to the requirements of the Special State Share (the "Golden Share") and is expected to close in the fourth quarter of 2026.

Until the closing of the transaction, Hapag-Lloyd and ZIM will remain separate independent companies and ZIM will continue to operate in the ordinary course.

Conference Call Update

In light of the proposed transaction with Hapag-Lloyd, ZIM will not host a conference call in connection with its first quarter 2026 results.

About ZIM

Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

Forward-Looking Statements

The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, assumptions, and other important factors, may include statement regarding macroeconomic and geopolitical conditions, chartering agreements, anticipated capacity, and the timing thereof, statements relating to the timing and closing of the merger agreement with Hapag-Lloyd, the Company's anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, risks and uncertainties relating to outcome of the merger agreement with Hapag-Lloyd, the current military conflict between Israel and the U.S. against Iran and some of its proxies, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies (including its impact on the Strait of Hormuz), the political and military instability in the Middle East and the war between Russia and Ukraine; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freights rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel and the Middle East (particularly as a result of the Israel-Hamas war and the Israel-Hezbollah and Israel-Iran armed conflicts), and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies' operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events (such as the drought conditions in the Panama Canal), changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively, and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including under the caption "Risk Factors" in its 2025 Annual Report filed with the SEC on March 9, 2026. 

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.

The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).

Use of Non-IFRS Financial Measures

The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, as well as capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.

Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).

Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets (or the reversal of which), capital gains (losses) beyond the ordinary course of business, expenses related to legal contingencies and acquisition related expenses (compensation costs and professional fees).

Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.

Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments.  We refer to this measure as net cash when cash and cash equivalents, bank deposits and other investment instruments exceed the face value of short- and long-term debt.

Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.

See the reconciliation of net income to Adjusted EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below.

1 See "Use of Non-IFRS Financial Measures." A reconciliation of each non-IFRS financial measure to its closest respective IFRS measure is provided in the tables below.
2 The number of shares used to calculate the diluted earnings per share is 120,477,221. The number of outstanding shares as of March 31, 2026 was 120,519,658.  

Investor Relations:

Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
[email protected]

Leon Berman
The IGB Group
212-477-8438
[email protected]

Media:

Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
[email protected]

CONSOLIDATED BALANCE SHEET (Unaudited)
(U.S. dollars in millions)

March 31

December 31

2026

2025

2025

Assets

Vessels

5,560.5

5,727.5

5,801.7

Containers and handling equipment

1,084.2

1,065.6

1,102.1

Other tangible assets

137.0

105.2

137.8

Intangible assets

108.5

110.3

109.4

Investments in associates 

34.4

22.0

28.6

Other investments

967.9

1,109.0

1,051.7

Other receivables

121.6

55.5

137.0

Deferred tax assets

8.8

7.6

9.2

Total non-current assets

8,022.9

8,202.7

8,377.5

Inventories

206.6

217.5

167.8

Trade and other receivables

720.9

760.0

676.0

Other investments

705.7

765.4

735.1

Cash and cash equivalents

921.6

1,546.1

1,051.7

Total current assets

2,554.8

3,289.0

2,630.6

Total assets

10,577.7

11,491.7

11,008.1

Equity

Share capital and reserves

2,046.5

2,039.8

2,051.4

Retained earnings

1,777.7

1,918.1

1,969.5

Equity attributable to owners of the Company

3,824.2

3,957.9

4,020.9

Non-controlling interests

3.9

6.0

4.7

Total equity

3,828.1

3,963.9

4,025.6

Liabilities

Lease liabilities

4,320.7

4,539.7

4,551.6

Loans and other liabilities

43.1

55.5

47.2

Employee benefits

71.5

55.2

63.4

Deferred tax liabilities

164.3

83.6

186.2

Total non-current liabilities

4,599.6

4,734.0

4,848.4

Trade and other payables

703.7

1,137.8

636.4

Provisions

117.6

85.4

118.4

Contract liabilities

214.2

287.7

239.9

Lease liabilities

1,074.0

1,235.1

1,096.5

Loans and other liabilities

40.5

47.8

42.9

Total current liabilities

2,150.0

2,793.8

2,134.1

Total liabilities

6,749.6

7,527.8

6,982.5

Total equity and liabilities

10,577.7

11,491.7

11,008.1

CONSOLIDATED INCOME STATEMENTS (Unaudited)
(U.S. dollars in millions, except per share data)

Three months ended
March 31

Year ended
December 31

2026

2025

2025

Income from voyages and related services

1,396.5

2,006.6

6,904.2

Cost of voyages and related services:

Operating expenses and cost of services

(1,031.7)

(1,162.6)

(4,460.8)

Depreciation

(307.6)

(310.8)

(1,259.5)

Impairment reversal of assets

137.0

Gross profit

57.2

533.2

1,320.9

Other operating income

25.4

12.5

43.4

Other operating expenses

(0.1)

(1.5)

General and administrative expenses

(96.2)

(79.0)

(336.3)

Share of loss of associates

(4.6)

(2.4)

(10.5)

Results from operating activities 

(18.3)

464.3

1,016.0

Finance income

32.3

40.0

133.1

Finance expenses

(112.2)

(123.8)

(490.6)

Net finance expenses

(79.9)

(83.8)

(357.5)

Profit (loss) before income taxes

(98.2)

380.5

658.5

Income taxes

11.9

(84.4)

(177.0)

Profit (loss) for the period

(86.3)

296.1

481.5

Attributable to:

Owners of the Company

(86.0)

295.3

479.2

Non-controlling interests    

(0.3)

0.8

2.3

Profit (loss) for the period

(86.3)

296.1

481.5

Earnings (loss) per share (US$)

Basic earnings (loss) per 1 ordinary share

(0.71)

2.45

3.98

Diluted earnings (loss) per 1 ordinary share

(0.71)

2.45

3.98

Weighted average number of shares for earnings (loss) per share calculation:

Basic

120,477,221

120,439,282

120,453,671

Diluted

120,477,221

120,508,654

120,515,854

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)

Three months ended
March 31

Year ended
December 31

2026

2025

2025

Cash flows from operating activities

Profit (loss) for the period

(86.3)

296.1

481.5

Adjustments for:

Depreciation and amortization

318.0

315.9

1,286.1

Impairment reversal

(137.0)

Net finance expenses 

79.9

83.8

357.5

Share of losses and change in fair value of investees

(15.4)

2.4

5.6

Capital gain, net

(4.8)

(11.9)

(37.6)

Income taxes

(11.9)

84.4

177.0

Other non-cash items

0.2

0.4

(0.1)

279.7

771.1

2,133.0

Change in inventories

(38.8)

(5.3)

44.4

Change in trade and other receivables

(37.8)

181.8

262.3

Change in trade and other payables, including contract liabilities  

30.3

(126.2)

(267.1)

Change in provisions and employee benefits

7.6

1.4

35.6

(38.7)

51.7

75.2

Dividends received from associates

1.2

1.0

1.9

Interest received

27.5

30.4

113.7

Income taxes received (paid)

(7.0)

0.5

(24.3)

Net cash generated from operating activities

262.7

854.7

2,299.5

Cash flows from investing activities

Proceeds from sale of tangible assets, intangible assets, and interest in investees

3.7

9.9

36.6

Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees

(31.3)

(78.0)

(217.7)

Disposal (acquisition) of investment instruments, net

46.5

(13.2)

148.6

Loans granted to investees

(3.5)

(1.9)

(8.1)

Change in other receivables

7.8

7.4

(67.5)

Change in other investments (mainly deposits), net

82.2

34.1

(25.2)

Net cash generated from (used in) investing activities

105.4

(41.7)

(133.3)

Cash flows from financing activities

Repayment of lease liabilities and borrowings

(281.3)

(460.4)

(1,439.6)

Dividend paid to non-controlling interests

(0.4)

(0.2)

(3.8)

Dividend paid to owners of the Company

(106.1)

(515.6)

Interest paid

(110.6)

(121.7)

(474.3)

Net cash used in financing activities

(498.4)

(582.3)

(2,433.3)

Net change in cash and cash equivalents

(130.3)

230.7

(267.1)

Cash and cash equivalents at beginning of the period

1,051.7

1,314.7

1,314.7

Effect of exchange rate fluctuation on cash held

0.2

0.7

4.1

Cash and cash equivalents at the end of the period

921.6

1,546.1

1,051.7

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*
(U.S. dollars in millions)

Three months ended
March 31

Year ended
December 31

2026

2025

2025

Net income (loss)

(86)

296

481

Financial expenses, net

80

84

358

Income taxes

(12)

84

177

Operating income (loss) (EBIT)

(18)

464

1,016

Capital loss (gain), beyond the ordinary course of business

(1)

(2)

(3)

Impairment reversal of assets

(137)

Acquisition related expenses

14

Expenses related to legal contingencies

9

Adjusted EBIT

(5)

463

885

Adjusted EBIT margin

0 %

23 %

13 %

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*
(U.S. dollars in millions)

Three months ended
March 31

Year ended
December 31

2026

2025

2025

Net income (loss)

(86)

296

481

Financial expenses, net

80

84

358

Income taxes

(12)

84

177

Depreciation and amortization

318

316

1,286

EBITDA

300

780

2,302

Capital loss (gain), beyond the ordinary course of business

(1)

(2)

(3)

Impairment reversal of assets

(137)

Acquisition related expenses

14

Expenses related to legal contingencies

9

Adjusted EBITDA

313

779

2,171

Net income (loss) margin

-6 %

15 %

7 %

Adjusted EBITDA margin

22 %

39 %

31 %

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET CASH GENERATED FROM
OPERATING ACTIVITIES TO FREE CASH FLOW*
(U.S. dollars in millions)

Three months ended
March 31

Year ended
December 31

2026

2025

2025

Net cash generated from operating activities                   

263

855

2,300

Capital expenditures, net

(28)

(68)

(280)

Free cash flow

235

787

2,020

* The table above may contain slight summation differences due to rounding.                                   

Logo - https://mma.prnewswire.com/media/1933864/ZIM_Logo.jpg

SOURCE Zim Integrated Shipping Services Ltd.

Ongoing tensions in the Strait of Hormuz have gone from a temporary shipping disruption to a lasting driver of expanded margins for shipping companies.  The effective closure of this critical waterway has constrained global fleet capacity, allowing operators with unhedged spot exposure and modern tonnage to capture unprecedented pricing premiums. This supply chain bottleneck is creating immediate, outsized yield generation and, in some cases, lucrative merger arbitrage opportunities for astute investors.

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The New Economics of Ocean FreightThe shift in the Hormuz crisis from a potential short-term military conflict to a protracted diplomatic stalemate is a development that the market appears to have mispriced. This stalemate has effectively trapped a significant portion of the global container and tanker fleet, creating a supply shock that has sent ocean freight spot rates soaring.

CMB.TECH Today

$15.48 +0.54 (+3.58%)

As of 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$7.78▼

$17.72Dividend Yield4.01%

P/E Ratio9.16

Operators are successfully implementing emergency war risk surcharges, adding thousands of dollars per container to already inflated prices. This direct pass-through of risk translates into explosive margin expansion for those positioned to capitalize on it.

The most direct validation of this thesis comes from CMB.TECH NYSE: CMBT, which reported solid first-quarter results.

The Antwerp-based shipper posted earnings per share (EPS) of $1.27, beating the consensus estimate of 39 cents.

This performance was driven by a 813% year-over-year (YOY) jump in net income to $368.8 million on the back of revenue that more than doubled to $519.6 million.

Dorian LPG Today

$45.14 +1.60 (+3.66%)

As of 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$23.76▼

$48.12P/E Ratio9.92

Price Target$55.00

Similarly, in the very large gas carrier (VLGC) segment, Dorian LPG NYSE: LPG saw its Time Charter Equivalent (TCE) rate, a key industry metric for vessel earnings, climb past 80% YOY to $63,615 per available day.

This drove a 102% revenue increase and an adjusted EPS of $1.89, comfortably beating estimates.

These figures are not anomalies; they are direct financial readouts of the new economics of maritime shipping in a capacity-constrained world.

Securing Long-Term Yield From Short-Term CrisisIn this environment, strategic fleet management becomes paramount. Companies are deploying distinct strategies to convert market chaos into both immediate and long-term value. CMB. TECH's management has leveraged the red-hot tanker market not only by capturing historically high spot rates but also by strategically selling older vessels at above-average prices.

This dual approach maximizes returns from the current environment. Critically, CMB.TECH is also converting near-term strength into long-term stability by expanding its contract backlog to a hefty $3.26 billion through new, lucrative 10-year Suezmax time charters. This establishes a solid cash flow floor that will persist even if spot rates eventually normalize. CMB's modern, super eco fleet also provides a competitive edge, allowing it to command premium pricing and absorb the 50% spike in heavy fuel oil prices, demonstrating significant operational efficiency.

Dorian LPG is taking a different but equally effective tack, focusing on direct shareholder returns. Dorian is capitalizing on structural tailwinds that pre-dated Hormuz, such as Panama Canal transit limitations and U.S. export infrastructure constraints. The current crisis has acted as a powerful accelerant. Dorian LPG recently sold a 2016-built vessel for net proceeds of $81.9 million. That liquidity injection immediately supported the declaration of an irregular cash dividend of $1 per share. This strategy showcases a clear commitment to returning capital to shareholders during periods of outsized profitability, rewarding investors for the cyclical upswing.

The Arbitrage Strait: Finding Hidden Value in Geopolitical RiskThe market disruption has also created complex special situations that go beyond simple earnings momentum. While its peers post record profits, ZIM Integrated Shipping Services Ltd. NYSE: ZIM reported a Q1 net loss of $86 million. This headline figure, however, obscures the real story and presents a different kind of opportunity. The loss reflected legacy contracts that did not capture the full impact of the Hormuz squeeze.

ZIM Integrated Shipping Services Today

ZIM

ZIM Integrated Shipping Services

$26.20 +0.29 (+1.10%)

As of 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$12.33▼

$29.97Dividend Yield0.23%

P/E Ratio32.34

Price Target$17.83

The primary driver of ZIM Integrated Shipping is not its immediate earnings potential but its status as a special-situation asset. ZIM is subject to a pending all-cash acquisition by Hapag-Lloyd OTCMKTS: HPGLY at $35 per share. With ZIM Integrated Shipping's stock currently trading at a significant discount, this presents a potential arbitrage spread of approximately 40%.

The investment thesis for ZIM Integrated Shipping is therefore not a bet on an earnings rebound but a calculated play on the deal's completion. The main hurdle is securing regulatory approval from the Israeli government for its Golden Share, a process complicated by the current regional conflict. A successful closing by the targeted Q4 2026 date would deliver a substantial return, making ZIM Integrated Shipping a high-risk, high-reward geopolitical arbitrage play born directly from the sector's turbulence.

Plotting a Course Through Sector VolatilityThe maritime shipping sector is undergoing significant dislocation, creating distinct investment opportunities. For investors seeking direct exposure to powerful earnings momentum, the operational performance of CMB.TECH and Dorian LPG suggests they are well-positioned to continue benefiting from elevated freight rates.

For those with a higher risk tolerance, ZIM Integrated Shipping offers a compelling arbitrage opportunity tied to geopolitical outcomes. The primary risk for the entire sector remains a sudden diplomatic resolution in the Strait of Hormuz, which could unlock trapped capacity and lead to a rapid correction in spot rates. Investors might consider these divergent opportunities and their associated risks as they evaluate exposure to this volatile but potentially rewarding industry.

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, /PRNewswire/ -- ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) ("ZIM" or the "Company"), a global container liner shipping company, announced today the appointment of Dr. Chen Lichtenstein as its new President and Chief Executive Officer following the resignation on April 15, 2026, of Eli Glickman, the existing President and Chief Executive Officer. The appointment of Dr. Lichtenstein will become effective as of July 1, 2026, at which time Dr. Lichtenstein will also become a member of the Board of Directors of the Company. The employment agreement between the Company and Dr. Lichtenstein will be brought to shareholder approval as required by the Israeli Companies Law of 1999.

Dr. Lichtenstein brings with him extensive management, business and financial experience in the global arena, including leading complex international companies, managing growth processes, integration and organizational change, operating in international markets and working with boards of directors, shareholders and global investment bodies.

From 2020 to 2023, he served as the Chief Financial Officer at Syngenta Group, a global agricultural technology company, and was also responsible for strategy, integration and productivity. In this role, he was a key partner in building the global group, which included Syngenta Seeds, Syngenta Crop Protection, ADAMA and the Group's operations in China, and led significant steps towards growth, synergies, efficiency and management of a complex debt structure. Prior to his position at Syngenta Group, Dr. Lichtenstein served as the President and CEO of ADAMA Ltd. (formerly known as Makhteshim Agan Industries Ltd.) from 2014 to 2020, which he led during a period of significant, industry-leady growth, improved profitability and cash flow, integration with ChemChina's operations, and a listing on the Shenzhen Stock Exchange. From 2013 to 2014, Dr. Lichtenstein also served as President and CEO of China National Agrochemical Corporation, ChemChina's strategic agrochemical division, and parent of Syngenta Group. From 2006 to 2013 he served as the Deputy Chief Executive Officer, Head of Global Operations and held various other roles within Makhteshim Agan Industries, where he led, among other things, broad areas of activity including global operations, business development, integration in China, R&D, supply chain, purchasing and manufacturing. Previously Dr. Lichtenstein served as a senior investment banking executive at Goldman Sachs in New York and London from 1999 to 2006, where he led acquisition and financing transactions of significant scope.

Dr. Lichtenstein currently serves as a member of the Board of Directors at Teva Pharmaceuticals Ltd., as chairman of the board of directors at international companies in the fields of environmental sciences and biotechnology and as a senior advisor to international investment entities. Dr. Lichtenstein holds joint doctoral degrees from the Graduate School of Business and the School of Law at Stanford University, a B.Sc. in Physics from the Faculty of Mathematics and Natural Sciences, summa cum laude, and an LL.B. from the Faculty of Law, cum laude, at the Hebrew University of Jerusalem.

Dr. Lichtenstein was appointed following a search process, which was conducted on behalf of the ZIM Board of Directors, with the participation of the directors Yair Seroussi, the Chairman of the Board, Dr. Yoram Turbowicz and Yair Avidan.

Yair Seroussi, Chairman of the Board, stated, "Dr. Chen Lichtenstein is a highly experienced top-tier international executive, with a unique combination of extensive managerial experience, financial depth, strategic insight, and the ability to lead complex global organizations. His broad experience in managing international companies, working with global markets, shareholders, and boards of directors, together with his judgment and experience in leading transformation and integration processes, make him the right executive to lead ZIM at this time. We thank Eli Glickman for his significant contribution to the Company and wish Chen great success in his role."

Dr. Lichtenstein, ZIM President and CEO-appointee stated, "I thank ZIM's Board of Directors for its confidence and for the opportunity to lead a global Israeli company with a meaningful legacy, growth and business success, broad international operations, and outstanding people. ZIM operates in a dynamic, competitive, and complex market, and I attach great importance to maintaining the Company's stability, strengthening its performance and business capabilities, and continuing to create value for customers, employees, partners, and shareholders."

About ZIM

Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.

Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
[email protected]

Leon Berman
The IGB Group
212-477-8438
[email protected]

Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
[email protected]

Logo: https://mma.prnewswire.com/media/1933864/ZIM_Logo.jpg 

SOURCE ZIM Integrated Shipping Services Ltd.

"I like the shipping stocks, but then all the stuff that's come up with the war, we recognize a little more valuable than I thought with 14% yield," he said. "I would buy some."

Cramer expects BlackBerry Ltd's (NYSE:BB) stock to rise, as the company has "some really interesting technology in the auto world".

Cramer recommended investors cut their losses if they owned Power Solutions International Inc (NASDAQ:PSIX), given the huge miss in their latest quarterly results. "I'm not kidding, it's going to have to wait a full quarter before you ever want to buy that one again," he added.

Price Action ZIM Integrated Shipping Services shares rallied 5.24% to close at $24.72 on Friday. Eagle Nuclear Energy's stock was up almost 4% during the session. Shares of BlackBerry had risen 8.00% to settle at $9.72 on Friday. Power Solutions International's stock tanked 5.52% to $39.38. Honeywell International shares lost 1.32% to close at $236.54 on Monday. Image: Shutterstock

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