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ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a leading global container liner shipping company that has been in operation for over 60 years. Established in Israel in 1945, ZIM has a strong presence in over 90 countries and serves approximately 34,000 customers through more than 300 ports worldwide. The company is renowned for its flexible, out-of-the-box approach to solving complex shipping challenges, ensuring the safe and swift delivery of cargo, no matter how remote the destination or unusual the load.
ZIM's core business includes providing comprehensive container shipping services. It operates in various trade regions, with a significant portion of revenue derived from the Pacific trade region. The company offers specialized shipping solutions such as the transportation of out-of-gauge cargo, refrigerated cargo, and hazardous materials. Additionally, ZIM provides a range of logistical services, including land transportation, freight forwarding, customs brokerage, warehousing, and container repair.
ZIM is an asset-light company, focusing on innovative digital strategies and a commitment to environmental, social, and governance (ESG) values. The company has embarked on a fleet renewal program to enhance its operational efficiency and reduce carbon emissions, with a significant investment in LNG-powered vessels. ZIM's agile fleet management and niche market strategy allow it to maintain competitive advantages on major trade routes.
Despite recent financial challenges, including a reported net loss of $2,270 million in the third quarter of 2023, ZIM remains committed to its strategic transformation. The company continues to focus on cost control measures, capacity rationalization, and enhancing customer experience. ZIM's total liquidity of approximately $3.1 billion as of the third quarter of 2023 provides a solid foundation to weather market fluctuations and invest in long-term growth opportunities.
Recent achievements include a partnership with Hoopo Systems Ltd. to deploy advanced tracking devices in ZIM's container fleet, demonstrating the company's dedication to technological innovation. Additionally, ZIM has reaffirmed its commitment to serving East Mediterranean and Israeli ports by maintaining operations and ensuring safety protocols amidst geopolitical tensions.
For the full year of 2024, ZIM forecasts an adjusted EBITDA of $850 million to $1,450 million and an adjusted EBIT loss ranging from $300 million to EBIT of $300 million. The company continues to prioritize sustainable growth and profitability, leveraging its strategic initiatives and a robust market position.
Latest News: On October 25, 2023, ZIM announced that it would release its third quarter 2023 financial results on November 15, 2023. The company also reported significant financial results for the third quarter and the first nine months of 2023. Furthermore, ZIM reaffirmed its commitment to safe operations in the East Mediterranean and Israeli ports amidst regional geopolitical tensions. In January 2024, ZIM announced an agreement with Hoopo Systems Ltd. for the deployment of cutting-edge tracking devices in its container fleet. On March 13, 2024, ZIM released its fourth quarter and full year 2023 financial results and provided a positive outlook for 2024.
ZIM Integrated Shipping Services reported strong Q3 2024 financial results with revenues of $2.77 billion and net income of $1.13 billion. The company achieved record carried volume of 970,000 TEUs, representing 12% year-over-year growth. Average freight rate increased 118% to $2,480 per TEU. Based on strong performance, ZIM raised its full-year 2024 guidance, forecasting Adjusted EBITDA between $3.3-3.6 billion. The company declared a total dividend of ~$440 million ($3.65 per share), including a regular dividend of ~$340 million and special dividend of ~$100 million.
ZIM Integrated Shipping Services has launched a new Employer Brand Campaign to attract top talent to its USA operations, headquartered in Virginia Beach. The campaign, featuring the slogan 'Hear the Difference. See the Difference. Be the Difference,' will showcase ZIM's corporate culture and values through various platforms including social media, job search websites, and mobile billboards on container trucks.
The initiative focuses on recruiting for customer service, sales, and other key positions at their newly opened Virginia Beach offices and New Jersey locations. The campaign messaging was developed through extensive research and employee input, reflecting the company's commitment to authenticity and their distinctive 'Z Factor' spirit.
ZIM Integrated Shipping Services (NYSE: ZIM) has announced it will release its third quarter 2024 financial results on Wednesday, November 20, 2024, before U.S. market opening. The company will host a conference call and webcast with slide presentation at 8:00 AM ET for management to review results and provide updates. The presentation will be accessible via telephone in multiple countries and through a live webcast on ZIM's website. A replay will be available after the call.
Pickommerce, a warehouse automation innovator, has secured $3.4 million in funding to advance its PickoBot piece-picking robot technology. The investment round was led by IL Ventures and included InNegev, Fusion VC, Israel Innovation Authority, and ZIM Ventures (NYSE: ZIM). PickoBot aims to fill the gap in fully autonomous warehouse workflows by providing a superior solution for various industries.
The technology utilizes advanced computer vision and machine learning to enable safe and intelligent packaging of objects with different sizes, weights, and textures. PickoBot features multiple gripping methods and an AI-driven decision-making algorithm to select the optimal gripper for each item. A recent installation at Havivian Farm showcases the adaptability and precision of Pickommerce's technology in handling fresh produce.
ZIM Integrated Shipping Services (NYSE: ZIM) has announced a new long-term operational cooperation with Mediterranean Shipping Company (MSC) on the Asia - US East Coast and Asia - US Gulf trades, set to launch in February 2025. The agreement includes six services covering extensive connections between Asia and various US ports, as well as the Caribbean and West Coast of Mexico.
This collaboration aims to enhance ZIM's service quality and operational efficiencies. It aligns with ZIM's fleet renewal program and focus on decarbonization, promoting the use of larger, eco-friendly vessels, including LNG-powered ships. The three-year agreement involves slot swap and vessel sharing arrangements, allowing ZIM to offer comprehensive port coverage while maintaining its customer-centric approach.
ZIM will continue operating two independent services to the US West Coast and maintain its existing agreement with MSC for the Pacific Northwest service.
ZIM Integrated Shipping Services (NYSE: ZIM) has announced an update on withholding tax procedures for its September 2024 cash dividend of $0.93 per ordinary share (approximately $112 million). The dividend will be paid on September 5, 2024 to shareholders of record as of August 29, 2024. ZIM has obtained a tax ruling from the Israeli Tax Authority that may allow certain shareholders to benefit from a reduced Israeli withholding tax rate compared to the standard 25-30% rate.
To be eligible for the reduced rate, shareholders must submit required documentation to the appointed agent, IBI Trust Management, by October 8, 2024. The ruling applies to both Israeli and non-Israeli shareholders, including those from countries with tax treaties with Israel. ZIM will initially withhold 25% of the dividend amount, with potential refunds available to eligible shareholders who complete the necessary procedures.
ZIM Integrated Shipping Services (NYSE: ZIM) reported strong financial results for Q2 2024 with revenues of $1.93 billion, a 48% YoY increase. The company achieved net income of $373 million, reversing a net loss of $213 million in Q2 2023. Adjusted EBITDA rose 179% YoY to $766 million, and Adjusted EBIT was $488 million. ZIM recorded a record carried volume of 952 thousand TEUs, an 11% increase, and an average freight rate per TEU of $1,674, up 40% YoY.
The company raised its full-year 2024 guidance for Adjusted EBITDA to $2.6 billion-$3.0 billion and Adjusted EBIT to $1.45 billion-$1.85 billion. ZIM declared a dividend of $0.93 per share, totaling $112 million. CEO Eli Glickman highlighted the strategic decision to increase spot market exposure, which benefited from elevated rates. ZIM expects improved performance in H2 2024, driven by continued supply pressure from the Red Sea crisis and favorable demand trends.
ZIM Integrated Shipping Services (NYSE: ZIM) has announced the release date for its second quarter 2024 financial results. The company will unveil its Q2 2024 performance on Monday, August 19, 2024, before the U.S. financial markets open. Following the release, ZIM's management will host a conference call and webcast at 8:00 AM ET to discuss the results and provide a corporate update.
Investors and interested parties can access the live conference call via telephone or webcast. The call will be accompanied by a slide presentation available through ZIM's website. For those unable to attend the live event, a replay of the conference call will be made available on the company's website following the conclusion of the call.
Climate-tech startup CarbonBlue has secured $10 million in seed funding to expand and deploy its groundbreaking water-based Carbon Dioxide Removal (CDR) technology. The company's Direct Water Capture technology can utilize any type of water, allowing integration with existing water infrastructure to combat global warming.
The funding round was led by Ibex Investors and FreshFund, with participation from strategic investors including Engie New Ventures and ZIM Ventures. The investment will enable CarbonBlue to scale up its technology, expand global operations, and pursue novel integrations with water-utilizing industrial facilities.
CarbonBlue's process is praised for restoring ocean health while permanently removing CO2 without adding chemicals, positioning the company as a significant contributor to the global effort against climate change.
ZIM Integrated Shipping Services announced an update on withholding tax procedures related to its upcoming cash dividend distribution on June 11, 2024. ZIM has secured an extension from the Israeli Tax Authority, allowing eligible shareholders a reduced Israeli withholding tax rate. Shareholders must comply with specific documentation requirements by July 7, 2024. The dividend, previously announced on May 21, 2024, is $0.23 per ordinary share, totaling approximately $28 million. ZIM has appointed IBI Trust Management as an agent to facilitate the process. Shareholders are advised to consult their own tax and financial advisors regarding individual tax liabilities.
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