ZIM Returns to Quarterly Profit With $64m as the First Half Still Shows a Loss
Second-quarter net income nearly triples year on year while six-month operating income falls from $613m to $126m
ZIM Integrated Shipping Services has returned to quarterly profit, reporting net income of $64m for the second quarter of 2026 against $24m in the same period a year earlier, as higher freight rates and increased carried volume lifted revenue.
The Israeli carrier, the tenth largest in the world with operated capacity of roughly 702,000 teu across a 116-vessel fleet, posted diluted earnings per share of $0.53 for the quarter ended 30 June, against $0.19 in the second quarter of 2025. Quarterly revenue reached $1.78bn, a year-on-year increase of nine percent, driven primarily by higher freight rates and greater carried volume.
Adjusted net income for the quarter was $77m, up from $24m a year earlier, and adjusted gross operating profit came to $491m, an increase of four percent. Operating income for the quarter was $144m, slightly below the $149m recorded in the second quarter of 2025, which points to the gap between the headline recovery and the underlying cost base.
The six-month picture is materially weaker. Total revenue for the first half was $3.18bn, down from $3.64bn a year earlier, on lower freight rates and reduced carried volume. ZIM carried 1.788m teu in the first half of 2026 against 1.839m teu in the same period of 2025, and the average freight rate fell to $1,455 per teu from $1,632.
Operating income for the half was $126m, a sharp fall from $613m in the first half of 2025. The company recorded a net loss of $22m for the six months against net income of $320m a year earlier, with the decline in revenue partially offset by income tax benefits. Adjusted net income for the half was $4m, down from $318m.
The fleet structure amplifies both directions of that swing. ZIM operates a predominantly chartered fleet, with 101 of its 116 ships taken in on charter rather than owned, which keeps the balance sheet light but leaves the cost line exposed when the charter market moves ahead of the box market. Its orderbook stands at 23 ships totalling approximately 181,836 teu, adding capacity into a market where the carrier's own half-year figures show rates and volumes both below last year.
