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    Alexia Degani

    Research Analyst at JPMorgan Chase & Co.

    Alexia Degani is an Equity Research Analyst at JPMorgan Chase & Co., specializing in the coverage of Latin American financial institutions including major companies such as Banco do Brasil, Itaú Unibanco, and Bradesco. Her research is highly regarded within the investment community, noted for actionable insights and consistent accuracy in forecasting sector trends, with TipRanks reflecting a success rate exceeding 70% and above-average return metrics on her published recommendations. Degani began her finance career in the early 2010s, previously working at UBS and Banco Safra before joining JPMorgan Chase in 2018 as an analyst and advancing within the Latin America research team. She holds relevant securities licenses and is FINRA-registered, earning recognition for her expertise in cross-border financial analysis and impactful investment calls in the region.

    Alexia Degani's questions to ZIM Integrated Shipping Services (ZIM) leadership

    Alexia Degani's questions to ZIM Integrated Shipping Services (ZIM) leadership • Q2 2025

    Question

    Alexia Degani from JPMorgan asked about any positive timing effects on Q3 from high June spot rates and the impact of increased vessel capacity on load factors for the second half. She also sought clarification on the number of TEUs up for charter renewal and questioned the company's breakeven unit cost level given the industry-wide rise in costs.

    Answer

    CFO Xavier Deslio confirmed that due to revenue recognition rules, the surge in spot rates from late Q2 will partially benefit Q3 results. He clarified that operated capacity in H2 will be comparable to last year, not substantially higher. He also distinguished between the 250,000 TEUs on short-term charter and the 140,000 TEUs with charters expiring in 2025-2026. Regarding costs, he detailed how fuel, newbuild prices, charter rates, cargo handling, and network adjustments have all contributed to a higher cost structure versus pre-COVID levels.

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