Reported Revenues of $1.4 Billion, Net Loss of $58 Million, Adjusted EBITDA[1]
of $373 Million and Adjusted EBIT
Loss[1] of $14
Million
Reaffirms Full Year 2023 Guidance: Expects to
Generate Adjusted EBITDA of $1.8-$2.2 Billion
and Adjusted EBIT of $100-$500
Million[2]
HAIFA,
Israel, May 22, 2023 /PRNewswire/ -- ZIM
Integrated Shipping Services Ltd. (NYSE: ZIM), a global
container liner shipping company, announced today its consolidated
results for the three months ended March 31,
2023.
First Quarter 2023 Highlights
- Net loss for the first quarter was $58
million (compared to net income of $1,711 million in the first quarter of 2022), or
a diluted loss per share of $0.50[3] (compared to diluted earnings
per share of $14.19 in the first
quarter of 2022)
- Adjusted EBITDA for the first quarter was $373 million, a year-over-year decrease of
85%
- Operating loss (EBIT) for the first quarter was $14 million, compared to operating income of
$2,243 million in the first quarter
of 2022. Reconciliation items between operating income and Adjusted
EBIT in the first quarter were negligible.
- Revenues for the first quarter were $1,374 million, a year-over-year decrease of
63%
- Carried volume in the first quarter was 769 thousand TEUs, a
year-over-year decrease of 10%
- Average freight rate per TEU in the first quarter was
$1,390, a year-over-year decrease of
64%
- Net leverage ratio[1] of 0.1x at March 31, 2023, compared to 0.0x as of
December 31, 2022; net debt of
$381 million, compared to net cash of
$279 million as of December 31, 2022
Eli Glickman, ZIM President &
CEO, stated, "Following a record year of Adjusted EBITDA and EBIT
generation, ZIM's first quarter results reflected the significant
decline in freight rates and weak demand, particularly in the
Transpacific trade, that began last year. While the near-term
outlook for container shipping remains challenging, the proactive
steps we took during the preceding highly lucrative market period
better position us now to meet these challenges and we believe our
differentiated strategy will ultimately deliver sustainable value
for shareholders over the long term."
Mr. Glickman added, "With a focus on enhancing our commercial
and operational resilience, we adapted our vessel sourcing strategy
to improve our cost structure with the addition of fuel-efficient
newbuild tonnage that will overhaul our fleet profile, as well as
advance our ESG goals. These include ten 15,000 TEU dual-fuel LNG
vessels, which are ideally suited for our core Asia to US East Coast service, and 36 smaller,
more versatile vessels, 18 of which are also dual-fuel LNG, that
will enable ZIM to operate a fleet best suited for our trades and
services. At the same time, our strong balance sheet and ample
liquidity further make us confident that the Company will operate
from a position of strength even amidst current market
headwinds."
Mr. Glickman concluded, "We continue to anticipate positive EBIT
in 2023 despite macro and industry headwinds. Our expectation is
for recovery in demand with inventory restocking to begin in the
second half of this year, resulting in an improvement in freight
rates. As such, for 2023, we have re-affirmed the guidance we
shared earlier in the year of Adjusted EBITDA of between
$1.8 billion and $2.2 billion and Adjusted EBIT of between
$100 million and $500 million."
Summary of Key Financial and Operational Results
|
Q1.23
|
Q1.22
|
Carried volume
(K-TEUs)......................................
|
769
|
859
|
Average freight rate
($/TEU).................................
|
1,390
|
3,848
|
Total Revenues ($ in
millions)................................
|
1,374
|
3,716
|
Operating income (loss)
(EBIT) ($ in millions).......
|
(14)
|
2,243
|
Profit (loss) before
income tax ($ in millions)..........
|
(65)
|
2,219
|
Net income (loss) ($ in
millions)............................
|
(58)
|
1,711
|
Adjusted
EBITDA[1] ($
in millions)..........................
|
373
|
2,533
|
Adjusted
EBIT[1] ($
in millions)................................
|
(14)
|
2,243
|
Adjusted EBITDA
margin.........................................
|
27 %
|
68 %
|
Adjusted EBIT
margin.............................................
|
(1) %
|
60 %
|
Diluted earnings (loss)
per share ($).......................
|
(0.50)
|
14.19
|
Net cash generated from
operating activities ($ in
millions)...................................................................
|
174
|
1,660
|
Free cash
flow[1] ($
in millions)................................
|
142
|
1,483
|
|
MAR.23
|
DEC.22
|
Net debt (Net
cash)[1] ($
in millions)........................
|
381
|
(279)
|
Financial and Operating Results for the First Quarter Ended
March 31, 2023
Total revenues were $1.37 billion
for the first quarter of 2023, compared to $3.72 billion for the first quarter of 2022.
ZIM carried 769 thousand TEUs in the first quarter of 2023,
compared to 859 thousand TEUs in the first quarter of 2022. The
average freight rate per TEU was $1,390 for the first quarter of 2023, compared to
$3,848 for the first quarter of
2022.
Operating loss (EBIT) for the first quarter of 2023 was
$14 million, compared to operating
income of $2,243 million for the
first quarter of 2022, resulting mainly from the decrease in
freight rates as well as carried volume.
Net loss for the first quarter of 2023 was $58 million, compared to net income of
$1,711 million for the first quarter
of 2022.
Adjusted EBITDA was $373 million
for the first quarter of 2023, compared to $2,533 million for the first quarter of 2022.
Adjusted EBIT loss was $14 million
for the first quarter of 2023, compared to Adjusted EBIT of
$2,243 million for the first quarter
of 2022. Adjusted EBITDA and Adjusted EBIT margins for the first
quarter of 2023 were 27% and -1%, respectively. This compares to
68% and 60% for the first quarter of 2022, respectively.
Net cash generated from operating activities was $174 million for the first quarter of 2023,
compared to $1,660 million for the
first quarter of 2022.
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) decreased by $353
million from $4.60 billion as
of December 31, 2022 to $4.25 billion as of March
31, 2023.[4] Capital expenditures totaled
$36 million for the first quarter of
2023, compared to $183 million for
the first quarter of 2022. Net debt position as of March 31, 2023, was $381
million compared to net cash position of $279 million as of December 31, 2022, a decrease of $660 million. ZIM's net leverage ratio as of
March 31, 2023, was 0.1x, compared to
0.0x as of December 31, 2022.
Use of Non-IFRS Measures in the Company's 2023
Guidance
A reconciliation of the Company's non-IFRS financial measures
included in its full-year 2023 guidance to corresponding IFRS
measures is not available on a forward-looking basis. In
particular, the Company has not reconciled its 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.
Full-Year 2023 Guidance
In 2023, the Company continues to expect generating Adjusted
EBITDA of between $1.8 billion and
$2.2 billion and Adjusted EBIT of
between $100 to $500 million in light of its expectation for
improvement in market conditions during the second half of 2023,
despite macroeconomic and industry headwinds.
Dividend Policy and First Quarter 2023 Dividend
ZIM's dividend policy remains unchanged, according to which the
Company intends to distribute 30-50% of annual net income as a
dividend to shareholders. Dividend payments will be made on a
quarterly basis at a rate of approximately 30% of the net quarterly
income of the first three fiscal quarters of the year
(cumulatively), while the total annual dividend amount to be
distributed by the Company (including any interim dividends paid
during the first three fiscal quarters of the year) will total
30-50% of the annual net income. All future dividends are
subject to the Company's Board discretion and to the restrictions
provided by Israeli law.
In accordance with its dividend policy and in light of the net
loss recorded in the first quarter of 2023, the Company will not
pay a dividend to shareholders on account of its first quarter
results.
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.
To access the live conference call by telephone, please dial the
following numbers: United States
+1-855-243-7669 (toll free) or +1-561-771-1427; Israel +972-3-915-5970, UK/international
+44-1-612-508-206. 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 90 countries serving
approximately 34,000 customers in over 300 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: market changes in
freight, bunker, charter and other rates or prices, supply-demand
fluctuations in the containerized shipping market, new legislation
or regulation affecting the Company's operations, new competition
and changes in the competitive environment, the outcome of legal
proceedings to which the Company is a party, global, regional
and/or local political instability, inflation rate fluctuations,
capital markets fluctuations 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 2022 Annual Report filed with
the SEC on March 13, 2023.
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
International Financial Reporting Standards (IFRS), 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 Generally Accepted
Accounting Principles 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 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 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.
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 EBITDA and
Adjusted EBIT 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
shats.avner@zim.com
CONSOLIDATED BALANCE
SHEET (U.S. dollars in millions)
|
|
|
March
31
|
December
31
|
|
2023
|
2022
|
2022
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
|
Assets
|
|
|
|
Vessels
|
4,784.3
|
4,037.5
|
4,409.9
|
Containers and handling
equipment
|
1,233.1
|
1,323.6
|
1,242.8
|
Other tangible
assets
|
98.2
|
74.6
|
98.5
|
Intangible
assets
|
95.1
|
77.5
|
92.9
|
Investments in
associates
|
22.6
|
13.6
|
22.0
|
Other
investments
|
1,344.7
|
306.2
|
1,373.2
|
Other
receivables
|
113.9
|
107.9
|
112.1
|
Deferred tax
assets
|
2.9
|
2.3
|
2.3
|
Total non-current
assets
|
7,694.8
|
5,943.2
|
7,353.7
|
|
|
|
|
Inventories
|
189.1
|
173.8
|
190.7
|
Trade and other
receivables
|
695.3
|
1,386.4
|
825.7
|
Other
investments
|
1,060.2
|
2,092.4
|
2,233.1
|
Cash and cash
equivalents
|
1,892.6
|
2,727.2
|
1,022.1
|
Total current
assets
|
3,837.2
|
6,379.8
|
4,271.6
|
Total
assets
|
11,532.0
|
12,323.0
|
11,625.3
|
|
|
|
|
Equity
|
|
|
|
Share capital and
reserves
|
2,007.9
|
2,009.8
|
1,987.7
|
Retained
earnings
|
3,073.8
|
2,246.1
|
3,901.9
|
Equity attributable
to owners of the Company
|
5,081.7
|
4,255.9
|
5,889.6
|
Non-controlling
interests
|
1.1
|
4.3
|
6.3
|
Total
equity
|
5,082.8
|
4,260.2
|
5,895.9
|
|
|
|
|
Liabilities
|
|
|
|
Lease
liabilities
|
2,993.6
|
2,784.2
|
2,778.7
|
Loans and other
liabilities
|
87.6
|
171.3
|
91.9
|
Employee
benefits
|
42.8
|
57.1
|
45.2
|
Deferred tax
liabilities
|
145.4
|
122.6
|
151.4
|
Total non-current
liabilities
|
3,269.4
|
3,135.2
|
3,067.2
|
|
|
|
|
Trade and other
payables
|
1,359.8
|
2,946.2
|
896.2
|
Provisions
|
51.6
|
31.6
|
50.2
|
Contract
liabilities
|
195.7
|
596.6
|
238.9
|
Lease
liabilities
|
1,499.0
|
1,238.4
|
1,380.8
|
Loans and other
liabilities
|
73.7
|
114.8
|
96.1
|
Total current
liabilities
|
3,179.8
|
4,927.6
|
2,662.2
|
Total
liabilities
|
6,449.2
|
8,062.8
|
5,729.4
|
Total equity and
liabilities
|
11,532.0
|
12,323.0
|
11,625.3
|
CONSOLIDATED INCOME
STATEMENTS (U.S. dollars in millions, except per share
data)
|
|
|
Three months
ended
March 31,
|
Year ended
December 31,
|
|
2023
|
2022
|
2022
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
|
Income from voyages and
related services
|
1,374.3
|
3,716.4
|
12,561.6
|
Cost of voyages and
related services:
|
|
|
|
Operating expenses and
cost of services
|
(939.7)
|
(1,118.3)
|
(4,764.5)
|
Depreciation
|
(380.5)
|
(284.4)
|
(1,370.3)
|
Gross
profit
|
54.1
|
2,313.7
|
6,426.8
|
|
|
|
|
Other operating
income
|
10.1
|
4.6
|
48.9
|
Other operating
expenses
|
(3.6)
|
(0.1)
|
(0.9)
|
General and
administrative expenses
|
(74.1)
|
(77.1)
|
(338.3)
|
Share of profit (loss)
of associates
|
(0.4)
|
1.4
|
(0.7)
|
|
|
|
|
Results from
operating activities
|
(13.9)
|
2,242.5
|
6,135.8
|
|
|
|
|
Finance
income
|
44.4
|
21.4
|
130.9
|
Finance
expenses
|
(95.2)
|
(45.3)
|
(239.4)
|
|
|
|
|
Net finance
expenses
|
(50.8)
|
(23.9)
|
(108.5)
|
|
|
|
|
Profit (loss) before
income taxes
|
(64.7)
|
2,218.6
|
6,027.3
|
|
|
|
|
Income taxes
|
6.6
|
(507.6)
|
(1,398.3)
|
|
|
|
|
Profit (loss) for
the period
|
(58.1)
|
1,711.0
|
4,629.0
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Owners of the
Company
|
(59.5)
|
1,708.8
|
4,619.4
|
Non-controlling
interests
|
1.4
|
2.2
|
9.6
|
Profit (loss) for
the period
|
(58.1)
|
1,711.0
|
4,629.0
|
|
|
|
|
Earnings (loss) per
share (US$)
|
|
|
|
Basic earnings (loss)
per 1 ordinary share
|
(0.50)
|
14.25
|
38.49
|
Diluted earnings (loss)
per 1 ordinary share
|
(0.50)
|
14.19
|
38.35
|
|
|
|
|
Weighted average
number of shares for earnings (loss) per share
calculation:
|
|
|
|
Basic
|
120,169,288
|
119,910,688
|
120,012,375
|
Diluted
|
120,169,288
|
120,438,898
|
120,444,889
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
(U.S. dollars in millions)
|
|
|
Three months
ended
March 31,
|
Year ended
December 31,
|
|
2023
|
2022
|
2022
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Profit (loss) for the
period
|
(58.1)
|
1,711.0
|
4,629.0
|
|
|
|
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
387.2
|
290.2
|
1,396.3
|
Net finance
expenses
|
50.8
|
23.9
|
108.5
|
Share of profits and
change in fair value of investees
|
0.4
|
(1.5)
|
(2.1)
|
Capital gain,
net
|
(9.8)
|
(4.0)
|
(42.7)
|
Income taxes
|
(6.6)
|
507.6
|
1,398.3
|
Other non-cash
items
|
6.3
|
2.5
|
39.7
|
|
370.2
|
2,529.7
|
7,527.0
|
|
|
|
|
Change in
inventories
|
1.6
|
(54.8)
|
(71.7)
|
Change in trade and
other receivables
|
143.2
|
(96.3)
|
496.6
|
Change in trade and
other payables including contracts
liabilities
|
(91.7)
|
36.0
|
(325.7)
|
Change in provisions
and employee benefits
|
1.4
|
(2.1)
|
15.9
|
|
54.5
|
(117.2)
|
115.1
|
|
|
|
|
Dividends
received
|
0.1
|
|
0.9
|
Interest
received
|
49.5
|
3.2
|
53.2
|
Income taxes
paid
|
(300.7)
|
(755.7)
|
(1,586.1)
|
Net cash generated
from operating activities
|
173.6
|
1,660.0
|
6,110.1
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Proceeds from sale of
tangible assets, intangible assets,
and interest in investees
|
12.2
|
5.3
|
48.1
|
Acquisition and
capitalized expenditures of tangible assets,
intangible assets and interest in
investees
|
(35.9)
|
(182.5)
|
(345.5)
|
Acquisition of
investment instruments, net
|
(161.1)
|
(182.9)
|
(1,433.1)
|
Loans granted to
investees
|
(1.7)
|
|
|
Change in other
receivables
|
(8.2)
|
(0.3)
|
(20.2)
|
Change in other
investments (mainly deposits), net
|
1,400.9
|
99.8
|
105.7
|
Net cash generated
from (used in) investing
activities
|
1,206.2
|
(260.6)
|
(1,645.0)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Receipt of long-term
loans and other long-term liabilities
|
|
59.2
|
59.2
|
Repayment of lease
liabilities and borrowings
|
(395.0)
|
(208.9)
|
(1,449.4)
|
Change in short term
loans
|
(21.0)
|
(20.0)
|
(53.5)
|
Dividend paid to
non-controlling interests
|
(6.9)
|
(4.5)
|
(8.4)
|
Dividend paid to owners
of the Company
|
|
|
(3,303.3)
|
Interest
paid
|
(86.8)
|
(40.5)
|
(221.0)
|
Net cash used in
financing activities
|
(509.7)
|
(214.7)
|
(4,976.4)
|
|
|
|
|
Net change in cash and
cash equivalents
|
870.1
|
1,184.7
|
(511.3)
|
Cash and cash
equivalents at beginning of the period
|
1,022.1
|
1,543.3
|
1,543.3
|
Effect of exchange rate
fluctuation on cash held
|
0.4
|
(0.8)
|
(9.9)
|
Cash and cash
equivalents at the end of the period
|
1,892.6
|
2,727.2
|
1,022.1
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT
(U.S. dollars in millions)
|
|
|
Three months
ended
March 31,
|
|
2023
|
2022
|
|
|
|
Net income
(loss)
|
(58)
|
1,711
|
Financial expenses
(income), net
|
51
|
24
|
Income taxes
|
(7)
|
508
|
Operating income
(loss) (EBIT)
|
(14)
|
2,243
|
Non-cash charter hire
expenses
|
0
|
0
|
Adjusted
EBIT
|
(14)
|
2,243
|
Adjusted EBIT
margin
|
(1) %
|
60 %
|
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
(U.S. dollars in millions)
|
|
|
Three months
ended
March 31,
|
|
2023
|
2022
|
|
|
|
Net income
(loss)
|
(58)
|
1,711
|
Financial expenses
(income), net
|
51
|
24
|
Income taxes
|
(7)
|
508
|
Depreciation and
amortization
|
387
|
290
|
EBITDA
|
373
|
2,533
|
Non-cash charter hire
expenses
|
0
|
0
|
Adjusted
EBITDA
|
373
|
2,533
|
Adjusted EBITDA
margin
|
27 %
|
68 %
|
|
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES
TO FREE CASH FLOW
(U.S. dollars in millions)
|
|
|
Three months
ended
March 31,
|
|
2023
|
2022
|
|
|
|
Net cash generated from
operating activities
|
174
|
1,660
|
Capital expenditures,
net
|
(32)
|
(177)
|
Free cash
flow
|
142
|
1,483
|
[1] See disclosure regarding "Use of Non-IFRS
Financial Measures."
[2] The Company does not provide IFRS guidance
because it is not readily available. See disclosure regarding "Use
of Non-IFRS Measures in the Company's 2023 Guidance."
[3] The number of shares used to calculate the
diluted earnings per share is 120,169,288. The number of
outstanding shares as of March 31,
2023, was 120,184,098.
[4] On April 4, 2023,
the Company distributed a dividend to shareholders of $6.40 per share or a total of approximately
$769 million.
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SOURCE Zim Integrated Shipping Services Ltd.