ZIM Integrated Shipping Lowers FY23 Outlook Citing Grim Demand, Weak Freight Rates
Portfolio Pulse from Shivani Kumaresan
ZIM Integrated Shipping Services Ltd has lowered its FY23 adjusted EBITDA outlook from $1.8 billion - $2.2 billion to $1.2 billion to $1.6 billion, and its FY23 adjusted EBIT guidance from $100 million - $500 million to a loss of $(500) million - $(100) million. The updated guidance is due to continued weakness in freight rates and lower than expected volume growth. ZIM shares are trading lower by 2.69% in premarket trading.
July 12, 2023 | 11:48 am
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ZIM has lowered its FY23 outlook due to weak freight rates and lower volume growth, leading to a drop in its share price.
ZIM's lowered outlook indicates that the company is facing challenges in its operations, particularly with weak freight rates and lower volume growth. This negative news has led to a drop in its share price, indicating a negative short-term impact on the stock.
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