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Zim plunged for the 2nd straight day as high spot rates hit the shipping line
Posted on May 29, 2023 |
The world’s 10th-biggest container line operator, Zim has crushed under the weight of falling spot rates as Q1 2023 registered a net loss of $58 million.
The average freight rates fell annually by 64% to $2,780 per 40-foot equivalent unit and 35%.
In the trans-pacific, Zim has a higher percentage of capacity than Maersk and Hapag-Lloyd as it was more exposed to the spot market, allowing Zim to surpass its rivals via higher average rates.
However, at present, Zim's average rates and revenues are falling quicker than those of more contract-focused and geographically diversified carriers.
In Q1 2023, Maersk registered a net income of $2.3 billion, and Hapag-Lloyd reported a net income of $2 billion, 19 times higher profits than in Q1 2019.