6-K
ZIM Integrated Shipping Services Ltd. (ZIM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2025
Commission File Number: 001-39937
ZIM Integrated Shipping Services Ltd.
(Exact Name of Registrant as Specified in Its Charter)
9 Andrei Sakharov Street
P.O. Box 15067
Matam, Haifa 3190500, Israel
+972 (4) 865-2000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
On May 19, 2025, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its consolidated results for the three months ended on March 31, 2025. A copy of this press release and the Company’s condensed consolidated unaudited interim financial statements for the period ended on March 31, 2025, are attached herewith as Exhibit 99.1 and Exhibit 99.2, respectively.
The information in this Form 6-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ZIM INTEGRATED SHIPPING SERVICES LTD. | |
|---|---|
| By: | /s/ Noam Nativ |
| Noam Nativ | |
| EVP General Counsel and Corporate Secretary |
Date: May 19, 2025
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION |
|---|---|
| 99.1 | Press Release dated May 19, 2025 |
| 99.2 | Condensed consolidated unaudited interim financial statements for the period ended on<br> March 31, 2025 |
Exhibit 99.1
ZIM Reports Financial Results for the First Quarter of 2025
Reported Revenues of $2.01 Billion, Net Income of $296 million, Adjusted EBITDA^1^
of $779 Million and Adjusted EBIT^1^ of $463 Million^2^
Achieved 12% Volume Growth YOY with Carried Volume
of 944 Thousand TEUs in Q1 2025
Reaffirmed Full Year 2025 Guidance of Adjusted EBITDA of $1.6 Billion to $2.2
Billion and Adjusted EBIT of $350 Million to $950 Million^3^
Declared Dividend of $89 million, or $0.74 per Share
Haifa, Israel, May 19, 2025 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”) announced today its consolidated results for the three months ended March 31, 2025.
First Quarter 2025 Highlights
| • | Net income for the first quarter was $296 million (compared to $92 million in the first quarter of 2024), or diluted earnings per share of $2.45^4^ (compared to $0.75 in the first quarter of 2024). |
|---|---|
| • | Adjusted EBITDA for the first quarter was $779 million, a year-over-year increase of 82%. |
| --- | --- |
| • | Operating income (EBIT) for the first quarter was $464 million, compared to $167 million in the first quarter of 2024. |
| --- | --- |
| • | Adjusted EBIT for the first quarter was $463 million, compared to $167 million in the first quarter of 2024. |
| --- | --- |
| • | Revenues for the first quarter were $2.01 billion, a year-over-year increase of 28%. |
| --- | --- |
| • | Carried volume in the first quarter was 944 thousand TEUs, a year-over-year increase of 12%. |
| --- | --- |
| • | Average freight rate per TEU in the first quarter was $1,776, a year-over-year increase of 22%. |
| --- | --- |
| • | Net leverage ratio^1^ of 0.6x at March 31, 2025, compared to 0.8x as of December 31, 2024; net debt^1^ of $2.49 billion as of March 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024. |
| --- | --- |
^1.^^^See disclosure regarding "Use of Non-IFRS Financial Measures."
^2.^Operating income (EBIT) for Q1 2025 was $464 million. A reconciliation to Adjusted EBIT is provided in the tables below.
^3.^The Company does not provide IFRS guidance because it cannot be determined without unreasonable effort. See disclosure regarding "Use of Non-IFRS Measures in the Company's 2025 Guidance."
^4^ The number of shares used to calculate the diluted earnings per share is 120,508,654. The number of outstanding shares as of March 31, 2025 was 120,457,510.
Eli Glickman, ZIM President & CEO, stated, “ZIM began the year with positive momentum, delivering 12% carried volume growth and strong earnings in the first quarter. Drawing on our transformed fleet and enhanced cost structure, we generated Q1 revenues of $2.01 billion and net income of $296 million. Building on our proven track record of returning capital to shareholders, we declared a dividend of $0.74 per share, or $89 million, representing approximately 30% of our quarterly net income.”
Mr. Glickman added, “As we look toward the remainder of the year, the operating environment is highly uncertain, driven by a range of factors impacting global trade and economic expectations. For ZIM, our focus is on controlling what we can and responding to market shifts quickly with decisive actions. We continuously assess how to best allocate capacity and have taken steps to modify our network to match the changes in cargo flow from China and other Southeast Asian markets into the United States, including within the last week, which underscores the agile nature of our commercial strategy.”
Mr. Glickman concluded, “Despite the heightened level of uncertainty, we have reaffirmed our 2025 outlook of Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million. We are confident that we have built a resilient business and will continue to benefit from the strategic investment in our fleet with larger, more modern, cost-effective capacity, approximately 40% of which is LNG-fueled. Supported by our lower cost base, we believe ZIM is well positioned to drive profitable growth over the long term.”
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Summary of Key Financial and Operational Results
| Q1-25 | Q1-24 | |
|---|---|---|
| Carried volume (TEU in thousands) | 944 | 846 |
| Average freight rate ($/TEU) | 1,776 | 1,452 |
| Total revenues ($ in millions) | 2,007 | 1,562 |
| Operating income (EBIT) ($ in millions) | 464 | 167 |
| Profit before income tax ($ in millions) | 381 | 96 |
| Net income ($ in millions) | 296 | 92 |
| Adjusted EBITDA ($ in millions) | 779 | 427 |
| Adjusted EBIT ($ in millions) | 463 | 167 |
| Net income margin (%) | 15 | 6 |
| Adjusted EBITDA margin (%) | 39 | 27 |
| Adjusted EBIT margin (%) | 23 | 11 |
| Diluted earnings per share ($) | 2.45 | 0.75 |
| Net cash generated from operating<br><br> activities ($ in millions) | 855 | 326 |
| Free cash flow^1^ ($ in millions) | 787 | 303 |
| MAR-31-25 | DEC-31-24 | |
| Net debt ($ in millions) | 2,494 | 2,876 |
Financial and Operating Results for the First Quarter Ended March 31, 2025
Total revenues were $2.01 billion for the first quarter of 2025, compared to $1.56 billion for the first quarter of 2024, mainly driven by the increase in freight rates and carried volume.
ZIM carried 944 thousand TEUs in the first quarter of 2025, compared to 846 thousand TEUs in the first quarter of 2024. The average freight rate per TEU was $1,776 for the first quarter of 2025, compared to $1,452 for the first quarter of 2024.
Operating income (EBIT) for the first quarter of 2025 was $464 million, compared to $167 million for the first quarter of 2024. The increase was driven primarily by the above-mentioned increase in revenues.
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Net income for the first quarter of 2025 was $296 million, compared to $92 million for the first quarter of 2024, also mainly driven by the above-mentioned increase in revenues.
Adjusted EBITDA for the first quarter of 2025 was $779 million, compared to $427 million for the first quarter of 2024. Adjusted EBIT was $463 million for the first quarter of 2025, compared to $167 million for the first quarter of 2024. Adjusted EBITDA and Adjusted EBIT margins for the first quarter of 2025 were 39% and 23%, respectively. This compares to 27% and 11% for the first quarter of 2024, respectively.
Net cash generated from operating activities was $855 million for the first quarter of 2025, compared to $326 million for the first quarter of 2024.
Liquidity, Cash Flows and Capital Allocation
ZIM’s total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) increased by $230 million from $3.14 billion as of December 31, 2024 to $3.37 billion as of March 31, 2025. Capital expenditures totaled $78 million for the first quarter of 2025, compared to $24 million for the first quarter of 2024. Net debt position as of March 31, 2025, was $2.49 billion compared to a net debt position of $2.88 billion as of December 31, 2024, a decrease of $382 million. ZIM's net leverage ratio as of March 31, 2025, was 0.6x, compared to 0.8x as of December 31, 2024.
First Quarter 2025 Dividend
In accordance with the Company's dividend policy, the Company's Board of Directors declared a regular cash dividend of approximately $89 million, or $0.74 per ordinary share, reflecting approximately 30% of first quarter 2025 net income. The dividend will be paid on June 9, 2025, to holders of record of ZIM ordinary shares as of June 2, 2025.
All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law.
Use of Non-IFRS Measures in the Company’s 2025 Guidance
A reconciliation of the Company’s non-IFRS financial measures included in its full-year 2025 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change.
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Full-Year 2025 Guidance
In 2025, the Company continues to expect to generate Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million.
Conference Call Details
Management will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET. The call (and slide presentation) will be available via live webcast through ZIM’s website, located at the following link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 100 countries serving approximately 33,000 customers in over 330 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.
Forward-Looking Statements
The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company’s current expectations and projections about future events or results. There are important factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: our expectations regarding general market conditions as a result of the current geopolitical instability, developments and further escalation of events, including, but not limited to, the Houthi attacks against vessels in the Red Sea, the war between Israel and Hamas, Iran and Iranian-backed proxies, the political and military instability in the Middle East and the war between Russia and Ukraine, and the armed conflict between India and Pakistan, among others; our expectations regarding general market conditions as a result of global economic trends, including potential rising inflation and interest rates, imposition and/or increase or decrease in tariffs or other charges imposed on import, export or trade (including by USTR) as a result of geopolitical and other events; our expectations regarding trends related to the global container shipping industry, including with respect to fluctuations in vessel and container supply, industry consolidation, demand for containerized shipping services, bunker and alternative fuel prices and supply, charter and freights rates, container values and other factors affecting supply and demand; our plans regarding our business strategy, areas of possible expansion and expected capital spending or operating expenses; our ability to adequately respond to political, economic and military instability in Israel, the Middle East and elsewhere (particularly as a result of the Israel-Hamas war and the Israel-Hezbollah and Israel-Iran armed conflicts), and our ability to maintain business continuity as an Israeli-incorporated company in times of emergency; our ability to effectively handle cyber-security threats and recover from cyber-security incidents, including in connection with the war between Israel and Iran and Iranian-backed proxies; our anticipated ability to obtain additional financing in the future to fund expenditures; our expectation of modifications with respect to our and other shipping companies’ operating fleet and lines, including the utilization of larger vessels within certain trade zones and modifications made in light of environmental regulations; the expected benefits of our cooperation agreements and strategic partnerships; formation of new alliances among global carriers, changes in and disintegration of existing alliances and collaborations, including alliances and collaborations to which we are not a party to; our anticipated insurance costs; our expectations regarding the availability of crew; our expectations regarding our environmental and regulatory conditions, including extreme weather events, changes in laws and regulations or actions taken by regulatory authorities, and the expected effect of such regulations; our expectations regarding potential liability from current or future litigation; our plans regarding hedging activities; our ability to pay dividends in accordance with our dividend policy; our expectations regarding our competition and ability to compete effectively; and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including under the caption “Risk Factors” in its 2024 Annual Report filed with the SEC on March 12, 2025.
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Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.
The Company prepares its financial statements in accordance with IFRS Accounting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB).
Use of Non-IFRS Financial Measures
The Company presents non-IFRS measures as additional performance measures as the Company believes that it enables the comparison of operating performance between periods on a consistent basis. These measures should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with IFRS as measures of profitability or liquidity. Please note that Adjusted EBITDA does not take into account debt service requirements or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, the non-IFRS financial measures presented by the Company may not be comparable to similarly titled measures reported by other companies due to differences in the way these measures are calculated.
Adjusted EBITDA is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net, income taxes, depreciation and amortization in order to reach EBITDA, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.
Adjusted EBIT is a non-IFRS financial measure which we define as net income (loss) adjusted to exclude financial expenses (income), net and income taxes, in order to reach our results from operating activities, or EBIT, and further adjusted, as applicable, to exclude impairment of assets, non-cash charter hire expenses, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.
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Free cash flow is a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net.
Net debt is a non-IFRS financial measure which we define as face value of short- and long-term debt, minus cash and cash equivalents, bank deposits and other investment instruments. We refer to this measure as net cash when cash and cash equivalents, bank deposits and other investment instruments exceed the face value of short- and long-term debt.
Net leverage ratio is a non-IFRS financial measure which we define as net debt (see above) divided by Adjusted EBITDA for the last twelve-month period. When our net debt is less than zero, we report the net leverage ratio as zero.
See the reconciliation of net income to Adjusted EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below.
Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
media@zim.com
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CONSOLIDATED BALANCE SHEET (Unaudited)
\(U.S. dollars in millions\)
| March 31 | December 31 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||||
| Assets | ||||||
| Vessels | 5,727.5 | 4,488.7 | 5,733.0 | |||
| Containers and handling equipment | 1,065.6 | 822.9 | 1,013.3 | |||
| Other tangible assets | 105.2 | 87.7 | 97.7 | |||
| Intangible assets | 110.3 | 104.8 | 109.8 | |||
| Investments in associates | 22.0 | 30.3 | 25.4 | |||
| Other investments | 1,109.0 | 814.0 | 1,080.9 | |||
| Other receivables | 55.5 | 82.7 | 61.0 | |||
| Deferred tax assets | 7.6 | 2.5 | 7.5 | |||
| Total non-current assets | 8,202.7 | 6,433.6 | 8,128.6 | |||
| Inventories | 217.5 | 197.3 | 212.2 | |||
| Trade and other receivables | 760.0 | 868.0 | 933.6 | |||
| Other investments | 765.4 | 744.8 | 800.4 | |||
| Cash and cash equivalents | 1,546.1 | 687.9 | 1,314.7 | |||
| Total current assets | 3,289.0 | 2,498.0 | 3,260.9 | |||
| Total assets | 11,491.7 | 8,931.6 | 11,389.5 | |||
| Equity | ||||||
| Share capital and reserves | 2,039.8 | 2,013.9 | 2,032.7 | |||
| Retained earnings | 1,918.1 | 527.4 | 2,004.2 | |||
| Equity attributable to owners of the Company | 3,957.9 | 2,541.3 | 4,036.9 | |||
| Non-controlling interests | 6.0 | 4.1 | 5.8 | |||
| Total equity | 3,963.9 | 2,545.4 | 4,042.7 | |||
| Liabilities | ||||||
| Lease liabilities | 4,539.7 | 3,716.8 | 4,600.6 | |||
| Loans and other liabilities | 55.5 | 66.6 | 59.9 | |||
| Employee benefits | 55.2 | 45.4 | 47.5 | |||
| Deferred tax liabilities | 83.6 | 5.8 | 27.6 | |||
| Total non-current liabilities | 4,734.0 | 3,834.6 | 4,735.6 | |||
| Trade and other payables | 1,137.8 | 612.2 | 736.2 | |||
| Provisions | 85.4 | 63.6 | 96.6 | |||
| Contract liabilities | 287.7 | 292.9 | 408.9 | |||
| Lease liabilities | 1,235.1 | 1,534.7 | 1,321.7 | |||
| Loans and other liabilities | 47.8 | 48.2 | 47.8 | |||
| Total current liabilities | 2,793.8 | 2,551.6 | 2,611.2 | |||
| Total liabilities | 7,527.8 | 6,386.2 | 7,346.8 | |||
| Total equity and liabilities | 11,491.7 | 8,931.6 | 11,389.5 |
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CONSOLIDATED INCOME STATEMENTS (Unaudited)
\(U.S. dollars in millions, except per share data\)
| Year ended<br><br> December 31 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2024 | |||||||
| Income from voyages and related services | 2,006.6 | 1,562.0 | 8,427.4 | |||||
| Cost of voyages and related services: | ||||||||
| Operating expenses and cost of services | (1,162.6 | ) | (1,080.8 | ) | (4,513.2 | ) | ||
| Depreciation | (310.8 | ) | (257.7 | ) | (1,130.2 | ) | ||
| Gross profit | 533.2 | 223.5 | 2,784.0 | |||||
| Other operating income | 12.5 | 6.0 | 46.6 | |||||
| Other operating expenses | (0.8 | ) | ||||||
| General and administrative expenses | (79.0 | ) | (60.8 | ) | (296.1 | ) | ||
| Share in loss of associates | (2.4 | ) | (2.1 | ) | (6.4 | ) | ||
| Results from operating activities | 464.3 | 166.6 | 2,527.3 | |||||
| Finance income | 40.0 | 38.7 | 149.2 | |||||
| Finance expenses | (123.8 | ) | (109.0 | ) | (471.5 | ) | ||
| Net finance expenses | (83.8 | ) | (70.3 | ) | (322.3 | ) | ||
| Profit before income taxes | 380.5 | 96.3 | 2,205.0 | |||||
| Income taxes | (84.4 | ) | (4.2 | ) | (51.2 | ) | ||
| Profit for the period | 296.1 | 92.1 | 2,153.8 | |||||
| Attributable to: | ||||||||
| Owners of the Company | 295.3 | 90.3 | 2,147.7 | |||||
| Non-controlling interests | 0.8 | 1.8 | 6.1 | |||||
| Profit for the period | 296.1 | 92.1 | 2,153.8 | |||||
| Earnings per share (US) | ||||||||
| Basic earnings per 1 ordinary share | 2.45 | 0.75 | 17.84 | |||||
| Diluted earnings per 1 ordinary share | 2.45 | 0.75 | 17.82 | |||||
| Weighted average number of shares for earnings per share calculation: | ||||||||
| Basic | 120,439,282 | 120,307,283 | 120,357,315 | |||||
| Diluted | 120,508,654 | 120,450,586 | 120,492,425 |
All values are in US Dollars.
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
\(U.S. dollars in millions\)
| Three months ended<br><br> <br>March 31 | Year ended December 31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | |||||||
| Cash flows from operating activities | |||||||||
| Profit for the period | 296.1 | 92.1 | 2,153.8 | ||||||
| Adjustments for: | |||||||||
| Depreciation and amortization | 315.9 | 260.6 | 1,142.5 | ||||||
| Net finance expenses | 83.8 | 70.3 | 342.4 | ||||||
| Share of losses and change in fair value of investees | 2.4 | 2.1 | 6.4 | ||||||
| Capital gain, net | (11.9 | ) | (6.0 | ) | (43.9 | ) | |||
| Income taxes | 84.4 | 4.2 | 51.2 | ||||||
| Other non-cash items | 0.4 | 1.5 | 10.9 | ||||||
| 771.1 | 424.8 | 3,663.3 | |||||||
| Change in inventories | (5.3 | ) | (18.0 | ) | (32.9 | ) | |||
| Change in trade and other receivables | 181.8 | (236.2 | ) | (352.9 | ) | ||||
| Change in trade and other payables, including contract liabilities | (126.2 | ) | 133.3 | 357.8 | |||||
| Change in provisions and employee benefits | 1.4 | 3.2 | 35.4 | ||||||
| 51.7 | (117.7 | ) | 7.4 | ||||||
| Dividends received from associates | 1.0 | 1.2 | 3.1 | ||||||
| Interest received | 30.4 | 22.0 | 97.3 | ||||||
| Income taxes received (paid) | 0.5 | (4.2 | ) | (18.4 | ) | ||||
| Net cash generated from operating activities | 854.7 | 326.1 | 3,752.7 | ||||||
| Cash flows from investing activities | |||||||||
| Proceeds from sale of tangible assets, intangible assets, and interest in investees | 9.9 | 1.5 | 18.7 | ||||||
| Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees | (78.0 | ) | (24.4 | ) | (214.1 | ) | |||
| Disposal (acquisition) of investment instruments, net | (13.2 | ) | 199.0 | 85.8 | |||||
| Loans granted to investees | (1.9 | ) | (1.2 | ) | (6.1 | ) | |||
| Change in other receivables | 7.4 | 7.7 | 31.6 | ||||||
| Change in other investments (mainly deposits), net | 34.1 | 1.1 | (139.1 | ) | |||||
| Net cash generated from (used in) investing activities | (41.7 | ) | 183.7 | (223.2 | ) | ||||
| Cash flows from financing activities | |||||||||
| Repayment of lease liabilities and borrowings | (460.4 | ) | (636.7 | ) | (2,082.6 | ) | |||
| Dividend paid to non-controlling interests | (0.2 | ) | (0.4 | ) | (4.0 | ) | |||
| Dividend paid to owners of the Company | (579.2 | ) | |||||||
| Interest paid | (121.7 | ) | (103.7 | ) | (465.6 | ) | |||
| Net cash used in financing activities | (582.3 | ) | (740.8 | ) | (3,131.4 | ) | |||
| Net change in cash and cash equivalents | 230.7 | (231.0 | ) | 398.1 | |||||
| Cash and cash equivalents at beginning of the period | 1,314.7 | 921.5 | 921.5 | ||||||
| Effect of exchange rate fluctuation on cash held | 0.7 | (2.6 | ) | (4.9 | ) | ||||
| Cash and cash equivalents at the end of the period | 1,546.1 | 687.9 | 1,314.7 |
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RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*
\(U.S. dollars in millions\)
| Three months ended<br><br> March 31 | Year ended<br><br> December 31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | |||||||
| Net income (loss) | 296 | 92 | 2,154 | ||||||
| Financial expenses, net | 84 | 70 | 322 | ||||||
| Income taxes | 84 | 4 | 51 | ||||||
| Operating income (EBIT) | 464 | 167 | 2,527 | ||||||
| Capital loss (gain), beyond the ordinary course of business | (2 | ) | (2 | ) | |||||
| Expenses related to legal contingencies | 24 | ||||||||
| Adjusted EBIT | 463 | 167 | 2,549 | ||||||
| Adjusted EBIT margin | 23 | % | 11 | % | 30 | % |
* The table above may contain slight summation differences due to rounding.
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*
\(U.S. dollars in millions\)
| Three months ended<br><br> March 31 | Year ended<br><br> December 31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | |||||||
| Net income (loss) | 296 | 92 | 2,154 | ||||||
| Financial expenses, net | 84 | 70 | 322 | ||||||
| Income taxes | 84 | 4 | 51 | ||||||
| Depreciation and amortization | 316 | 261 | 1,143 | ||||||
| EBITDA | 780 | 427 | 3,670 | ||||||
| Capital loss (gain), beyond the ordinary course of business | (2 | ) | (2 | ) | |||||
| Expenses related to legal contingencies | 24 | ||||||||
| Adjusted EBITDA | 779 | 427 | 3,692 | ||||||
| Net income (loss) margin | 15 | % | 6 | % | 26 | % | |||
| Adjusted EBITDA margin | 39 | % | 27 | % | 44 | % |
* The table above may contain slight summation differences due to rounding.
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RECONCILIATION OF NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH FLOW*
\(U.S. dollars in millions\)
| Three months ended<br><br> March 31 | Year ended<br><br> December 31 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | |||||||
| Net cash generated from operating activities | 855 | 326 | 3,753 | ||||||
| Capital expenditures, net | (68 | ) | (23 | ) | (196 | ) | |||
| Free cash flow | 787 | 303 | 3,557 |
* The table above may contain slight summation differences due to rounding.
- 12 -
Exhibit 99.2
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM
FINANCIAL STATEMENTS
MARCH 31, 2025
ZIM INTEGRATED SHIPPING SERVICES LTD.
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| Page | |
|---|---|
| FINANCIAL STATEMENTS: | |
| --- | --- |
| Condensed consolidated unaudited interim Statements of Financial Position | 3 |
| Condensed consolidated unaudited interim Income Statements | 4 |
| Condensed consolidated unaudited interim Statements of Comprehensive Income | 5 |
| Condensed consolidated unaudited interim Statements of Changes in Equity | 6 |
| Condensed consolidated unaudited interim Statements of Cash Flows | 7-8 |
| Notes to the condensed consolidated unaudited interim Financial Statements | 9-15 |
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION
| March 31 | December 31 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||||
| Note | US in millions | |||||
| Assets | ||||||
| Vessels | 6 | 4,488.7 | 5,733.0 | |||
| Containers and handling equipment | 6 | 822.9 | 1,013.3 | |||
| Other tangible assets | 6 | 87.7 | 97.7 | |||
| Intangible assets | 104.8 | 109.8 | ||||
| Investments in associates | 30.3 | 25.4 | ||||
| Other investments | 814.0 | 1,080.9 | ||||
| Other receivables | 82.7 | 61.0 | ||||
| Deferred tax assets | 2.5 | 7.5 | ||||
| Total non-current assets | 6,433.6 | 8,128.6 | ||||
| Inventories | 197.3 | 212.2 | ||||
| Trade and other receivables | 868.0 | 933.6 | ||||
| Other investments | 744.8 | 800.4 | ||||
| Cash and cash equivalents | 687.9 | 1,314.7 | ||||
| Total current assets | 2,498.0 | 3,260.9 | ||||
| Total assets | 8,931.6 | 11,389.5 | ||||
| Equity | ||||||
| Share capital and reserves | 5 | 2,013.9 | 2,032.7 | |||
| Retained earnings | 527.4 | 2,004.2 | ||||
| Equity attributable to owners of the Company | 2,541.3 | 4,036.9 | ||||
| Non-controlling interests | 4.1 | 5.8 | ||||
| Total equity | 2,545.4 | 4,042.7 | ||||
| Liabilities | ||||||
| Lease liabilities | 3,716.8 | 4,600.6 | ||||
| Loans and other liabilities | 66.6 | 59.9 | ||||
| Employee benefits | 45.4 | 47.5 | ||||
| Deferred tax liabilities | 5.8 | 27.6 | ||||
| Total non-current liabilities | 3,834.6 | 4,735.6 | ||||
| Trade and other payables | 4(e) | 612.2 | 736.2 | |||
| Provisions | 63.6 | 96.6 | ||||
| Contract liabilities | 292.9 | 408.9 | ||||
| Lease liabilities | 1,534.7 | 1,321.7 | ||||
| Loans and other liabilities | 48.2 | 47.8 | ||||
| Total current liabilities | 2,551.6 | 2,611.2 | ||||
| Total liabilities | 6,386.2 | 7,346.8 | ||||
| Total equity and liabilities | 8,931.6 | 11,389.5 |
All values are in US Dollars.
| /s/ Yair Seroussi | /s/ Eli Glickman | /s/ Xavier Destriau |
|---|---|---|
| Yair Seroussi | Eli Glickman | Xavier Destriau |
| Chairman of the Board of Directors | President & Chief Executive Officer | Chief Financial Officer |
Date of approval of the Financial Statements: May 19, 2025.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
3
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM INCOME STATEMENTS
| Three months ended<br> March 31 | Year ended December 31 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||||||
| US in millions | ||||||||
| Income from voyages and related services | 1,562.0 | 8,427.4 | ||||||
| Cost of voyages and related services: | ||||||||
| Operating expenses and cost of services | ) | (1,080.8 | ) | (4,513.2 | ) | |||
| Depreciation | ) | (257.7 | ) | (1,130.2 | ) | |||
| Gross profit | 223.5 | 2,784.0 | ||||||
| Other operating income | 6.0 | 46.6 | ||||||
| Other operating expenses | (0.8 | ) | ||||||
| General and administrative expenses | ) | (60.8 | ) | (296.1 | ) | |||
| Share in loss of associates | ) | (2.1 | ) | (6.4 | ) | |||
| Results from operating activities | 166.6 | 2,527.3 | ||||||
| Finance income | 38.7 | 149.2 | ||||||
| Finance expenses | ) | (109.0 | ) | (471.5 | ) | |||
| Net finance expenses | ) | (70.3 | ) | (322.3 | ) | |||
| Profit before income taxes | 96.3 | 2,205.0 | ||||||
| Income taxes | ) | (4.2 | ) | (51.2 | ) | |||
| Profit for the period | 92.1 | 2,153.8 | ||||||
| Attributable to: | ||||||||
| Owners of the Company | 90.3 | 2,147.7 | ||||||
| Non-controlling interests | 1.8 | 6.1 | ||||||
| Profit for the period | 92.1 | 2,153.8 | ||||||
| Earnings per share (US) | ||||||||
| Basic earnings per 1 ordinary share | 0.75 | 17.84 | ||||||
| Diluted earnings per 1 ordinary share | 0.75 | 17.82 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
4
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
| Three months ended<br> March 31 | Year ended December 31 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | ||||||
| US in millions | ||||||||
| Profit for the period | 92.1 | 2,153.8 | ||||||
| Other components of comprehensive income | ||||||||
| Items of other comprehensive income that were or will be reclassified to profit and loss | ||||||||
| Foreign currency translation differences for foreign operations | ) | (2.7 | ) | (2.4 | ) | |||
| Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax | (4.7 | ) | 7.6 | |||||
| Net change in fair value of investments in debt instruments at fair value through other comprehensive income that was transferred to profit or loss | ) | 0.4 | 0.7 | |||||
| Items of other comprehensive income that would never be reclassified to profit and loss | ||||||||
| Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax | (0.2 | ) | (0.1 | ) | ||||
| Defined benefit pension plans actuarial gains, net of tax | (0.2 | ) | (1.7 | ) | ||||
| Other comprehensive income for the period, net of tax | (7.4 | ) | 4.1 | |||||
| Total comprehensive income for the period | 84.7 | 2,157.9 | ||||||
| Attributable to: | ||||||||
| Owners of the Company | 83.5 | 2,151.3 | ||||||
| Non-controlling interests | 1.2 | 6.6 | ||||||
| Total comprehensive income for the period | 84.7 | 2,157.9 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
5
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY
| Attribute to the owners of the Company | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share<br> capital | General<br><br> <br>reserves (*) | Translation<br><br> <br>reserve | Retained<br><br> <br>earnings | Total | Non-controlling<br><br> <br>interests | Total<br><br> <br>equity | |||||||||||||
| US in millions | |||||||||||||||||||
| For the three months period ended March 31, 2025 | |||||||||||||||||||
| Balance at January 1, 2025 | 1,151.3 | (45.9 | ) | 2,004.2 | 4,036.9 | 5.8 | 4,042.7 | ||||||||||||
| Profit for the period | 295.3 | 295.3 | 0.8 | 296.1 | |||||||||||||||
| Other comprehensive income for the period, net of tax | 5.7 | (0.3 | ) | 0.5 | 5.9 | (0.4 | ) | 5.5 | |||||||||||
| Share-based compensation | 1.7 | 1.7 | 1.7 | ||||||||||||||||
| Exercise of options | (0.2 | ) | |||||||||||||||||
| Dividend to owners of the Company | (381.9 | ) | (381.9 | ) | (381.9 | ) | |||||||||||||
| Dividend to non-controlling interests in subsidiaries | (0.2 | ) | (0.2 | ) | |||||||||||||||
| Balance at March 31, 2025 | 1,158.5 | (46.2 | ) | 1,918.1 | 3,957.9 | 6.0 | 3,963.9 | ||||||||||||
| For the three months period ended March 31, 2024 | |||||||||||||||||||
| Balance at January 1, 2024 | 1,133.7 | (42.8 | ) | 437.2 | 2,454.7 | 3.3 | 2,458.0 | ||||||||||||
| Profit for the period | 90.3 | 90.3 | 1.8 | 92.1 | |||||||||||||||
| Other comprehensive income for the period, net of tax | (4.7 | ) | (2.0 | ) | (0.1 | ) | (6.8 | ) | (0.6 | ) | (7.4 | ) | |||||||
| Share-based compensation | 3.1 | 3.1 | 3.1 | ||||||||||||||||
| Exercise of options | (0.2 | ) | |||||||||||||||||
| Dividend to non-controlling interests in subsidiaries | (0.4 | ) | (0.4 | ) | |||||||||||||||
| Balance at March 31, 2024 | 1,131.9 | (44.8 | ) | 527.4 | 2,541.3 | 4.1 | 2,545.4 | ||||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||||
| Balance at January 1, 2024 | 1,133.7 | (42.8 | ) | 437.2 | 2,454.7 | 3.3 | 2,458.0 | ||||||||||||
| Profit for the year | 2,147.7 | 2,147.7 | 6.1 | 2,153.8 | |||||||||||||||
| Other comprehensive income for the year, net of tax | 8.2 | (3.1 | ) | (1.5 | ) | 3.6 | 0.5 | 4.1 | |||||||||||
| Exercise of options | (0.7 | ) | |||||||||||||||||
| Share-based compensation | 10.0 | 10.0 | 10.0 | ||||||||||||||||
| Dividend to owners of the Company | (579.2 | ) | (579.2 | ) | (579.2 | ) | |||||||||||||
| Acquisition of non-controlling interest in a subsidiary | 0.1 | 0.1 | (0.1 | ) | |||||||||||||||
| Dividend to non-controlling interests in subsidiaries | (4.0 | ) | (4.0 | ) | |||||||||||||||
| Balance at December 31, 2024 | 1,151.3 | (45.9 | ) | 2,004.2 | 4,036.9 | 5.8 | 4,042.7 |
All values are in US Dollars.
(*) Include reserves related to share-based compensation and changes in fair value of investment instruments.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
6
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
| Three months ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31 | December 31 | |||||||
| 2025 | 2024 | 2024 | ||||||
| US in millions | ||||||||
| Cash flows from operating activities | ||||||||
| Profit for the period | 92.1 | 2,153.8 | ||||||
| Adjustments for: | ||||||||
| Depreciation and amortization | 260.6 | 1,142.5 | ||||||
| Net finance expenses | 70.3 | 342.4 | ||||||
| Share of losses and change in fair value of investees | 2.1 | 6.4 | ||||||
| Capital gain, net | ) | (6.0 | ) | (43.9 | ) | |||
| Income taxes | 4.2 | 51.2 | ||||||
| Other non-cash items | 1.5 | 10.9 | ||||||
| 424.8 | 3,663.3 | |||||||
| Change in inventories | ) | (18.0 | ) | (32.9 | ) | |||
| Change in trade and other receivables | (236.2 | ) | (352.9 | ) | ||||
| Change in trade and other payables, including contract liabilities | ) | 133.3 | 357.8 | |||||
| Change in provisions and employee benefits | 3.2 | 35.4 | ||||||
| (117.7 | ) | 7.4 | ||||||
| Dividends received from associates | 1.2 | 3.1 | ||||||
| Interest received | 22.0 | 97.3 | ||||||
| Income taxes received (paid) | (4.2 | ) | (18.4 | ) | ||||
| Net cash generated from operating activities | 326.1 | 3,752.7 | ||||||
| Cash flows from investing activities | ||||||||
| Proceeds from sale of tangible assets, intangible assets, and interest in investees | 1.5 | 18.7 | ||||||
| Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees | ) | (24.4 | ) | (214.1 | ) | |||
| Disposal (acquisition) of investment instruments, net | ) | 199.0 | 85.8 | |||||
| Loans granted to investees | ) | (1.2 | ) | (6.1 | ) | |||
| Change in other receivables | 7.7 | 31.6 | ||||||
| Change in other investments (mainly deposits), net | 1.1 | (139.1 | ) | |||||
| Net cash generated from (used in) investing activities | ) | 183.7 | (223.2 | ) |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
7
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
| Three months ended | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31 | December 31 | |||||||
| 2025 | 2024 | 2024 | ||||||
| US in millions | ||||||||
| Cash flows from financing activities | ||||||||
| Repayment of lease liabilities and borrowings | ) | (636.7 | ) | (2,082.6 | ) | |||
| Dividend paid to non-controlling interests | ) | (0.4 | ) | (4.0 | ) | |||
| Dividend paid to owners of the Company | (579.2 | ) | ||||||
| Interest paid | ) | (103.7 | ) | (465.6 | ) | |||
| Net cash used in financing activities | ) | (740.8 | ) | (3,131.4 | ) | |||
| Net change in cash and cash equivalents | (231.0 | ) | 398.1 | |||||
| Cash and cash equivalents at beginning of the period | 921.5 | 921.5 | ||||||
| Effect of exchange rate fluctuation on cash held | (2.6 | ) | (4.9 | ) | ||||
| Cash and cash equivalents at the end of the period | 687.9 | 1,314.7 |
All values are in US Dollars.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
8
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 1 | Reporting entity |
|---|
ZIM Integrated Shipping Services Ltd. (hereinafter - the "Company" or "ZIM") and its subsidiaries (hereinafter – "the Group" or "the Companies") and the Group’s interests in associates, operate in the field of cargo shipping and related services.
ZIM is a company incorporated in Israel, with limited liability. ZIM’s ordinary shares have been listed on the New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28, 2021. The address of the Company’s registered office is 9 Andrei Sakharov Street, Haifa, Israel.
| 2 | Basis of compliance |
|---|---|
| (a) | Statement of compliance |
| --- | --- |
These condensed consolidated unaudited interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements in accordance with IFRS Accounting Standards (IFRSs) and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2024 (hereafter – the “annual Financial Statements”). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on May 19, 2025.
| (b) | Estimates |
|---|
The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the principal assumptions used in the estimation of uncertainties were the same as those applied in the annual Financial Statements.
| 3 | Material accounting policies |
|---|
The material accounting policies applied by the Group in these unaudited condensed consolidated interim Financial Statements are the same as those applied by the Group in its annual Financial Statements.
9
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 4 | Financial position |
|---|---|
| (a) | The container shipping industry continues to be impacted by the supply and demand dynamics, as well as by uncertainties in the global trade, including the continuing disruption in the Red Sea, the escalating trade barriers between the US<br> and China and other countries, the implications of the ongoing armed conflicts between Russia and Ukraine, in the Middle-East and most recently between India and Pakistan, and the inflation and elevated interest rates in certain countries<br> and other geopolitical challenges. These factors contribute to the continuing volatility in freight rates, charter rates and bunker prices. In addition, in recent quarters, regulators in certain jurisdictions have increased their regulatory<br> oversight activities over our industry, by, among others, increased audit activities and introduction of new regulation relating to the contractual routines between carriers and their customers. |
| --- | --- |
In April 2025, the US administration declared its intention to impose new fees, as from mid-October 2025, on vessels calling ports in the US, which were built in China or are owned / operated by Chinese entities. The Company is reviewing the potential impact of these fees and is taking measures to mitigate their effects, but if it is unable to fully succeed in mitigating their effect, these fees could materially increase its operational costs and adversely affect its results of operation.
As of today, the war situation in Israel, which started in October 2023, has had no material impact on the Company’s activities in Israel. However, those may be subject to temporary disruptions if this situation was to further escalate.
Since December 2023, many ocean carriers including the Company, paused their activities in the Red Sea, following attacks made against commercial vessels by armed organizations in Yemen. The Company continues to call ports in the Mediterranean Sea, as well as to operate services which previously crossed the Suez-canal, by re-routing its vessels around Africa. This disruption results in the extension of voyages duration, as well as leading to an increase in demand for vessel capacity, as additional vessels are operated in order to maintain the same frequency of services.
Further to the above, during 2024 freight rates have experienced an overall increase, although decreases were observed during the second half of the year, as well as during the first quarter of 2025.
In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by considering, and when appropriate, implementing structural changes, participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies.
| (b) | In September 2024, the Company entered into a long-term operational cooperation with Mediterranean Shipping Company (MSC), which was launched in February 2025, for a minimum period of three years. According to this cooperation, the<br> Company and MSC operate together six services on the Asia - US East Coast and Asia - US Gulf trades, enabling ZIM to provide its customers with extended port coverage and improved service quality, while achieving significant operational<br> efficiencies. Further to the abovementioned factors affecting the trade lanes within the scope of this partnership, the Company and MSC are actively leveraging their operational collaboration to constantly adjust the overall capacity being<br> deployed on those services as dictated by market trends and demand. |
|---|
10
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 4 | Financial position (cont’d) |
|---|
The Company’s operational cooperation with the 2M alliance (Maersk and MSC), originally launched in 2018, covering services on the Asia - US East Coast and Asia - US Gulf trades, has ended in January 2025, further to the previously announced termination of the 2M alliance.
| (c) | Charter agreements: |
|---|
In April 2025, the Company entered into a series of long-term time charter agreements, with a company affiliated with the TMS Group, for ten 11,500 TEU liquefied natural gas (LNG) dual-fuel container vessels. The vessels are scheduled to be delivered during the second half of 2027 and into 2028 and will be deployed across the Company’s various global trades. Pursuant to these agreements, the Company will charter the vessels for a period of twelve years, for a total aggregated consideration of approximately US$ 2.3 billion. In addition, and for each vessel, at the end of the initial twelve-year charter period, the Company has secured an option to either purchase the vessel or to extend the charter duration for an additional period of three years.
| (d) | During the first quarter of 2025, the Company acquired two vessels which were operating in its fleet under prior charter arrangements. Out of the related consideration, an amount of US$ 52 million<br> is presented in the cash flow statement as repayment of lease liabilities. |
|---|---|
| (e) | Dividends: |
| --- | --- |
In April 2025, further to the approval of the Company’s Board of Directors, the Company distributed a dividend in an amount of US$ 382 million, reflecting US$ 3.17 per ordinary share. As of March 31, 2025, the dividend payable amount was included in Trade and other payables.
In May 2025, the Company’s Board of Directors approved a dividend distribution of approximately US$ 0.74 per ordinary share (or approximately US$ 89 million, considering the number of ordinary shares outstanding as of March 31, 2025). The dividend is scheduled to be paid on June 9, 2025 to all holders of ordinary shares on record as of June 2, 2025.
11
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 5 | Capital and reserves |
|---|
Share-based payment arrangements
During the three months period ended March 31, 2025, 2024 and the year ended December 31, 2024, the Company recorded expenses related to share-based compensation arrangements of US$ 1.7 million, US$ 3.1 million and US$ 10.0 million respectively.
| 6 | Right-of-use assets | ||||
|---|---|---|---|---|---|
| Balance at March 31 | Balance at<br><br> <br>December 31 | ||||
| --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2024 | |||
| US in millions | |||||
| Vessels | 3,992.3 | 5,256.8 | |||
| Containers and handling equipment | 312.1 | 366.6 | |||
| Other tangible assets | 47.6 | 48.9 | |||
| 4,352.0 | 5,672.3 |
All values are in US Dollars.
| 7 | Income from voyages and related services |
|---|
Revenues generated throughout the Group’s global network, are disaggregated as follows:
| Three months ended<br> March 31 | Year ended<br><br> <br>December 31 | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2024 | |||
| US in millions | |||||
| Freight revenues from containerized cargo: | |||||
| Pacific | 609.3 | 3,920.1 | |||
| Cross-Suez | 185.0 | 864.5 | |||
| Atlantic | 164.7 | 687.8 | |||
| Intra-Asia | 122.9 | 762.9 | |||
| Latin America | 147.3 | 845.8 | |||
| 1,229.2 | 7,081.1 | ||||
| Freight revenues from non-containerized cargo (mostly related to vehicle shipping services) | 111.2 | 497.0 | |||
| Other revenues (*) | 221.6 | 849.3 | |||
| 1,562.0 | 8,427.4 |
All values are in US Dollars.
(*) Mainly demurrage, related services and other value-added services.
12
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 8 | Operating expenses and cost of services | ||||
|---|---|---|---|---|---|
| Three months ended<br> March 31 | Year ended<br><br> <br>December 31 | ||||
| --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2024 | |||
| US in millions | |||||
| Wages, maintenance and other vessel-operating costs | 8.2 | 37.3 | |||
| Expenses relating to fleet equipment (mainly containers and chassis) | 9.5 | 37.3 | |||
| Bunker and lubricants | 307.3 | 1,286.0 | |||
| Insurance | 7.7 | 34.5 | |||
| Expenses related to cargo handling | 457.8 | 2,013.1 | |||
| Port expenses | 112.8 | 461.8 | |||
| Agents’ salaries and commissions | 49.9 | 251.7 | |||
| Cost of related services and sundry | 90.4 | 285.2 | |||
| Slot purchases and hire of vessels | 29.0 | 74.4 | |||
| Hire of containers | 8.2 | 31.9 | |||
| 1,080.8 | 4,513.2 |
All values are in US Dollars.
13
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 9 | Financial instruments |
|---|
Financial instruments measured at fair value
| Balance at March 31, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||||||||||
| US in millions | |||||||||||||||
| Level 1 | Level 3 | Total | Level 1 | Level 3 | Total | ||||||||||
| Fair value through profit and loss | |||||||||||||||
| Cash and cash equivalents: | |||||||||||||||
| Money markets instruments | 840.8 | 300.9 | 300.9 | ||||||||||||
| Other investments: | |||||||||||||||
| Equity instruments | 23.9 | 23.9 | 10.8 | 10.8 | |||||||||||
| Loans and other liabilities: | |||||||||||||||
| Derivative instruments | (15.6 | ) | (15.6 | ) | (9.8 | ) | (9.8 | ) | |||||||
| Fair value through other comprehensive income | |||||||||||||||
| Other investments: | |||||||||||||||
| Sovereign bonds | 506.9 | 672.1 | 672.1 | ||||||||||||
| Corporate bonds | 1,216.3 | 857.9 | 857.9 | ||||||||||||
| Equity instruments | 1.9 | 1.7 | 1.7 |
All values are in US Dollars.
| Balance at December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2024 | |||||||
| US in millions | |||||||
| Level 1 | Level 3 | Total | |||||
| Fair value through profit and loss | |||||||
| Cash and cash equivalents: | |||||||
| Money markets instruments | 616.8 | ||||||
| Other investments: | |||||||
| Equity instruments | 13.2 | 13.2 | |||||
| Loans and other liabilities: | |||||||
| Derivative instruments | (16.9 | ) | (16.9 | ) | |||
| Fair value through other comprehensive income | |||||||
| Other investments: | |||||||
| Sovereign bonds | 546.0 | ||||||
| Corporate bonds | 1,161.8 | ||||||
| Equity instruments | 1.7 |
All values are in US Dollars.
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ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
| 9 | Financial instruments (cont’d) |
|---|
Financial instruments not measured at fair value
The carrying amounts of the Group’s financial assets and liabilities, including cash and cash equivalents, trade and other receivables, other investments, trade and other payables and loans and other liabilities, reflect reasonable approximation of their fair value.
| 10 | Earnings per share |
|---|
Basic and diluted earnings per share
| Year ended December 31 | ||||
|---|---|---|---|---|
| 2024 | 2024 | |||
| Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US in millions) | 90.3 | 2,147.7 | ||
| Number of shares at the beginning of the period used to calculate basic earnings per share | 120,286,627 | 120,286,627 | ||
| Effect of share options | 20,656 | 70,688 | ||
| Weighted average number of ordinary shares used to calculate basic earnings per share | 120,307,283 | 120,357,315 | ||
| Effect of share options | 143,303 | 135,110 | ||
| Weighted average number of ordinary shares used to calculate diluted earnings per share | 120,450,586 | 120,492,425 |
All values are in US Dollars.
In the three-month period ended March 31, 2025, options for 1,922,033 ordinary shares, granted to officers, directors and employees (see also above) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.
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