Q2 23 numbers out: ZIM hammered

The shares of Israel’s ZIM were down as much as -7.7% to $12.4 in pre-market today in the wake of Q2 23 numbers. Even more value was lost at the end of session.

Revenues were soft, but the big miss was at earnings level.

The group said:

“Net loss for the second quarter was $213 million (compared to net income of $1,336 million in the second quarter of 2022), or a diluted loss per share of $1.79² (compared to diluted earnings per share of $11.07 in the second quarter of 2022). Net loss for the quarter was negatively impacted by a non-cash after tax item of $51 million related to the redelivery of certain vessels.”

Carried volumes in Q2 23 was 860,000 teu, “a slight year-over-year increase”.

It added that in accordance with its dividend policy and in light of the net loss recorded in Q2 23, ZIM will not distribute quarterly dividends to shareholders.

The full release is here.