ZIM posts a USD 22 million net loss in H1 2026 as Hapag-Lloyd's acquisition faces Brazilian antitrust review, despite strong Q2 performance.
ZIM Integrated Shipping Services released its second-quarter 2026 financial results on 19 August, reporting performance that exceeded market expectations.
Revenue rose 8.9% year-on-year, while adjusted EBIT reached USD 170 million, representing a 13.4% increase over the prior-year period. ZIM attributed this outperformance to its strategic positioning on transpacific trade lanes, which enabled the company to capitalize on favorable market conditions, supported by a modern, fuel-efficient fleet and a flexible commercial strategy that together drove measurable improvement in profitability.
In the second quarter of 2026, ZIM carried 922,000 TEUs, up 3.0% year-on-year. The average freight rate per TEU stood at USD 1,590, a 7.5% increase compared to the same period in 2025. The company generated operating revenues of USD 1.78 billion, rising 8.9% year-on-year, with EBIT of USD 140 million and net profit of USD 64 million. Adjusted EBITDA reached USD 490 million, a 4.0% year-on-year increase, with adjusted EBITDA and EBIT margins of 28% and 10%, respectively. Free cash flow for the quarter totaled USD 390 million, a 9.4% decline compared to the prior-year period.
For the first half of 2026, ZIM carried 1.788 million TEUs, a decrease of 2.8% year-on-year. The average freight rate per TEU declined 10.8% to USD 1,455, while operating revenues fell 12.8% to USD 3.18 billion. EBIT contracted 79.4% year-on-year to USD 130 million, and the company recorded a net loss of USD 22 million. Adjusted EBITDA stood at USD 800 million, down 35.7% year-on-year, with adjusted EBITDA and EBIT margins of 25% and 5%, respectively. First-half free cash flow totaled USD 620 million, representing a 48.8% decline compared to the same period in 2025.
ZIM President and Chief Executive Officer Eli Glickman stated that since assuming the role in July, his core mandate has remained clear: to capture present market opportunities with discipline and operational efficiency. He emphasized that ZIM remains committed to maintaining the agility required to respond swiftly to evolving market conditions, strengthen competitive positioning, and generate sustainable long-term value. ZIM Chief Financial Officer Sami Jubran added that the company delivered solid second-quarter results and expects performance to strengthen materially through the remainder of the year, noting that the Board may consider a dividend distribution to shareholders based on third-quarter results.
ZIM projects full-year 2026 adjusted EBITDA in the range of USD 2.0 billion to USD 2.4 billion, and adjusted EBIT of between USD 700 million and USD 1.1 billion - a guidance range that reflects the company's clear conviction in a significantly improved earnings trajectory through the second half of the year.
On 16 February 2026, ZIM announced a merger agreement under which Hapag-Lloyd would acquire all outstanding ZIM shares at USD 35.00 per share in cash. The transaction received unanimous approval from ZIM's Board of Directors and was subsequently approved by shareholders on 30 April. Completion remains subject to customary closing conditions, including Israeli 'golden share' approval, with the transaction expected to close in the fourth quarter of 2026. Pending completion, Hapag-Lloyd and ZIM will continue to operate as independent companies, with ZIM maintaining normal business operations throughout.
The regulatory approval landscape presents a complex picture. Domestically, opposition to the transaction from Israeli institutions has been vocal. Internationally, Brazil has announced a comprehensive antitrust review of the proposed Hapag-Lloyd acquisition of ZIM, with authorities focusing on overlaps across three critical service segments. Notably, the Australian Competition and Consumer Commission has already granted its approval.
Among the major container shipping lines that have published first-half 2026 financial results, ZIM and Hapag-Lloyd stand as the only carriers to have recorded a net loss during the period. According to the latest data from Alphaliner, ZIM ranks tenth among global container lines by capacity, operating a fleet of 116 container vessels with a combined capacity of 702,000 TEUs - comprising 15 owned vessels and 101 chartered vessels - with an additional order book of 23 newbuildings totaling approximately 182,000 TEUs.
