The following is a summary of the ZIM Integrated Shipping Services Ltd. (ZIM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ZIM reported Q1 revenue of $1.56 billion, net income of $92 million, and declared a dividend of $0.23 per share or $28 million total.

• Adjusted EBITDA was $427 million, up from $373 million in Q1 2023.

• The adjusted EBIT for the same period was $167 million, improving from a loss of $14 million in Q1 2023.

• The financial guidance for 2024 forecasts an adjusted EBITDA between $1.15 billion and $1.55 billion, and adjusted EBIT between 0 and $400 million.

• ZIM predicts that its 2024 financial performance will outperform its 2023 results.

Business Progress:

• In Q1 2024, ZIM carried 846,000 TEUs, marking a 10% growth from Q1 2023; further growth is expected.

• Expansion in transpacific and Latin America regions resulted in 27% and 129% year-over-year volume growth respectively.

• Working on taking delivery of 30 newbuild vessels aimed at upgrading its fleet and operating larger, more fuel-efficient vessels, leading to a reduced cost per TEU.

• The company's ESG strategy has resulted in a 23% decrease in operational carbon intensity, aiming to reduce carbon intensity by 30% by 2025 and achieve net-zero emissions by 2050.

• ZIM expects 35% of its volume from May 2024 to April 2025 to be contract cargo.

• ZIM's future plans involve potential increase in its equipment fleet due to anticipated constraints in Asia.

• ZIM has renewed 11 vessels and plans to renew the remaining 21 vessels due for renewal in 2024 by the end of the year.

More details: ZIM Integrated Shipping IR

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