ZIM Integrated (ZIM) shares fall after reporting a 30% revenue decline driven by lower freight rates and reduced volumes in Q1.
ZIM Integrated Shipping Services Ltd (NYSE:ZIM) shares are trading lower on Wednesday after the company reported first-quarter results.
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Sales declined 30% year-over-year (Y/Y) to $1.40 billion, missing the consensus of $1.585 billion. Revenue declined due to lower freight rates along with a decline in carried volume.
The cargo shipping company’s carried volume in the quarter was 866,000 TEUs, down 8% Y/Y. The average freight rate per TEU was $1,310 (-26% Y/Y).
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