ZIM zooms in second quarter

ZIM Integrated Shipping Services almost tripled net income in the second quarter of 2026, helped by a strong presence in the healthy trans-Pacific trade and rising freight rates.

The Israeli carrier’s international business is in the process of being sold to Hapag-Lloyd, although the deal is yet to cross regulatory hurdles in a number of countries and is facing belated though increasing opposition at home.

In releasing the quarterly report yesterday [19 August] ZIM said the pending transaction with Hapag-Lloyd remains subject to closing conditions, including regulatory approvals; “the parties continue to perform their obligations under the merger agreement and engage with the relevant authorities to obtain such approvals”.

ZIM reported net income for the second quarter was US $64 million (compared with $24m in the second quarter of 2025), or diluted earnings per share of $0.53 (compared to $0.19 in the second quarter of 2025).

Adjusted net income for the second quarter was $77m (compared to $24m in the second quarter of 2025); adjusted EBITDA for the second quarter was $491m, a year-over-year increase of 4%; and revenues for the second quarter were $1.78bn, a year-over-year increase of 9%.

ZIM said carried volume in the second quarter was 922,000 TEU, a year-over-year increase of 3%, while average freight rate per TEU grew 8% to US$1,590.

Nevertheless, the Pacific-powered second quarter was not enough to bring 1H 2026 up to levels enjoyed in 1H 2025; indeed 1H 2026 lagged considerably.

Total revenues were US$3.18 billion for the first half of 2026, compared with $3.64 billion for the first half of 2025, primarily driven by the decrease in freight rates as well as carried volume.

ZIM carried 1,788 thousand TEU in the first half of 2026, compared to 1,839 thousand TEU in the first half of 2025. The average freight rate per TEU was $1,455 for the first half of 2026, compared to $1,632 for the first half of 2025.

Operating income (EBIT) for the first half of 2026 was $126 million, compared to $613 million for the first half of 2025. The decrease in operating income for the first half of 2026 was primarily driven by the above-mentioned decrease in total revenues.

Net loss for the first half of 2026 was $22 million, compared to net income of $320 million for the first half of 2025, mainly driven by the above-mentioned decrease in total revenues, partially offset by the impact of income taxes. Adjusted net income for the first half of 2026 was $4 million, compared to $318 million for the first half of 2025.

Adjusted EBITDA for the first half of 2026 was US$804 million, compared to $1.25 billion for the first half of 2025.

Adjusted EBIT for the first half of 2026 was $164 million, compared to $612 million for the first half of 2025. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2026 were 25% and 5%, respectively. This compares to 34% and 17%, respectively, for the first half of 2025.

In 2026, the company expects to generate Adjusted EBITDA between US$2.0 billion and $2.4 billion and Adjusted EBIT between $700 million and $1.1 billion.