Marco Limite • Barclays

Question 1

Marco Limite's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership • Q1 2025

May 19, 2025

Question

Marco Limite questioned ZIM's exposure to the proposed U.S. port fee on Chinese-built vessels and the company's mitigation strategy. He also asked about the Q2 profitability outlook, considering the sequential rise in spot rates and volumes, and inquired about the performance of other trade lanes.

Answer

CFO Xavier Destriau stated that just under half of ZIM's fleet is Chinese-built, a result of its recent, extensive fleet renewal. The company is actively planning mitigation strategies, such as swapping tonnage between trades, to minimize the fee's impact. Regarding Q2, he acknowledged the positive momentum from rising rates but cautioned that its duration is highly uncertain due to upcoming tariff deadlines in July and August. He added that non-U.S. trade lanes are currently experiencing more 'business as usual' conditions.

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Question 2

Marco Limite's questions to ZIM Integrated Shipping Services Ltd (ZIM) leadership • Q4 2024

Mar 12, 2025

Question

Marco Limite asked for clarification on the 2025 outlook, questioning if the guidance implies a positive EBIT in the first half and a negative EBIT in the second. He also requested details on the phasing of charter renewals and the expected range for CapEx and lease liabilities in 2025.

Answer

CFO Xavier Destriau confirmed the first half of 2025 is expected to be stronger than the second but did not provide quarterly EBIT guidance. He explained that about one-third of the fleet is on short-term charter, with less than 100,000 TEUs up for renewal in 2025. He noted that 2025 lease liability repayments would be lower than the $2.5-$2.6 billion in 2024, due to the absence of one-off payments and the benefit of securing lower charter rates on renewed vessels.