Zim reports weaker than expected first quarter
Israeli carrier lost $58m in the first quarter, a diluted loss per share of $0.5, below analysts’ consensus of 0.18$ and Jefferies’ $0.39
Asset-light Zim expects more weakness in the second quarter but a better market in the second half of 2023 and says its costs per teu will continue to improve as it replaces smaller vessels with newer and larger newbuildings. It reaffirmed its guidance for the remainder of the year, which Jefferies analysts said was surprising given its difficult start to the year
