Posted on March 11, 2026
HAIFA, Israel, March 9, 2026 /PRNewswire/ — ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) (“ZIM” or the “Company”), a global container liner shipping company, announced today its consolidated results for the three and twelve months ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
- Net income for the fourth quarter was $38 million1 (compared to a net income of $563 million in the fourth quarter of 2024), or diluted earnings per share of $0.324 (compared to diluted earnings per share of $4.66 in the fourth quarter of 2024); net profit for the full year was $481 million1 (compared to a net income of $2.15 billion for the full year of 2024).
- Adjusted EBITDA for the fourth quarter was $327 million, a year-over-year decrease of 66%; Adjusted EBITDA for the full year was $2.17 billion, a year-over-year decrease of 41%.
- Operating income (EBIT) for the fourth quarter was $143 million, compared to operating income of $658 million in the fourth quarter of 2024. Operating income for the full year of 2025 was $1.02 billion, compared to operating income of $2.53 billion for the full year of 2024.
- Adjusted EBIT for the fourth quarter was $13 million, compared to Adjusted EBIT of $658 million in the fourth quarter of 2024. Adjusted EBIT for the full year of 2025 was $885 million, compared to Adjusted EBIT of $2.55 billion for the full year of 2024.
- Revenues for the fourth quarter were $1.48 billion, a year-over-year decrease of 32%; revenues for the full year were $6.90 billion, a year-over-year decrease of 18%.
- Carried volume in the fourth quarter was 898 thousand TEUs, a year-over-year decrease of 9%; carried volume in the full year was 3.7 million TEUs, a year-over-year decrease of 2%.
- Average freight rate per TEU in the fourth quarter was $1,333, a year-over-year decrease of 29%; average freight rate per TEU in the full year was $1,551, a year-over-year decrease of 18%.
- Net leverage ratio2 of 1.3x as of December 31, 2025, compared to 0.8x as of December 31, 2024; net debt2 of $2.92 billion as of December 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024.
Eli Glickman, ZIM President & CEO, stated, “We achieved strong operational and financial results in 2025 with adjusted EBITDA and EBIT at the upper end of our guidance. This enabled a Q4 2025 dividend of $106 million, or $0.88 per share, raising the total dividends declared on account of 2025 earnings to $240 million, or $1.99 per share. Since our IPO in January 2021, we have distributed an extraordinary $5.8 billion in dividends to shareholders, more than 25 times the amount raised at the Company’s IPO, or total dividends of $48.42 per share since the IPO. Upon completion of the proposed merger with Hapag-Lloyd, total cash to be returned to shareholders will reach approximately $10 billion.”
“This exceptional return of capital to shareholders was driven by strategic execution and unwavering commitment to innovation and operational excellence. Specifically, we successfully implemented a full-scale fleet modernization program, were among the earliest adopters of LNG technology in our industry and built a differentiated “global niche” commercial approach that enabled ZIM to establish a competitive advantage in select trades and quickly identify and capture growth opportunities. At the same time, we have invested in advanced digital solutions, including BI and AI tools, to enhance operational performance and customer experience.”
“Building on the foundation laid by our successful renewal program implemented in 2023 and 2024–which established ZIM’s fleet as one of the most modern and environmentally advanced in the industry and significantly improved our cost structure–we continued to be proactive to further strengthen our core capacity. Through a series of new charter agreements concluded between Q4 2024 and Q4 2025, we have ensured our operated capacity remains modern and competitive, securing an additional 36 newbuild containerships that range in size from 3,000 to 12,000 TEU, with total capacity of 250 thousand TEUs and deliveries expected to commence in the second half of 2026.”
“At the heart of our success are our exceptional people. I am extremely proud of our achievements, and I thank our entire workforce for their professionalism and dedication to ZIM. Amid the ongoing hostilities with Iran, our top priority is the safety and well‑being of our employees. Despite these challenging circumstances, their resilience is admirable as we work together to maintain regular operations and to reliably serve our customers.”
Mr. Glickman concluded, “Looking ahead to 2026, we anticipate continued pressure on freight rates; yet we remain confident in the robustness of our business. With more modern, cost-effective capacity, coupled with our agile fleet deployment strategy, we are well positioned to respond quickly to evolving market conditions. Pending completion of the transaction with Hapag-Lloyd, which remains subject to various regulatory approvals, including the approval of the Israeli Government as the holder of the “Golden Share,” we will operate with discipline as always and remain committed to the strategy that has made ZIM an innovative leader in seaborne transportation.”
Financial and Operating Results for the Fourth Quarter Ended December 31, 2025
Total revenues were $1.48 billion for the fourth quarter of 2025, compared to $2.17 billion for the fourth quarter of 2024, mainly driven by a decrease in freight rates as well as carried volume.
ZIM carried 898 thousand TEUs in the fourth quarter of 2025, compared to 982 thousand TEUs in the fourth quarter of 2024. The average freight rate per TEU was $1,333 for the fourth quarter of 2025, compared to $1,886 for the fourth quarter of 2024.
Operating income (EBIT) for the fourth quarter of 2025 was $143 million, compared to operating income of $658 million for the fourth quarter of 2024. The decrease was driven primarily by the above-mentioned decrease in revenues, partially offset by the non-cash impairment reversal recorded in the fourth quarter of 2025.
Net income for the fourth quarter of 2025 was $38 million, compared to net income of $563 million for the fourth quarter of 2024, driven by the same factors mentioned above affecting operating income.
Adjusted EBITDA for the fourth quarter of 2025 was $327 million, compared to $967 million for the fourth quarter of 2024. Adjusted EBIT was $13 million for the fourth quarter of 2025, compared to Adjusted EBIT of $658 million for the fourth quarter of 2024. Adjusted EBITDA and Adjusted EBIT margins for the fourth quarter of 2025 were 22% and 1%, respectively. This compares to 45% and 30% for the fourth quarter of 2024, respectively.
Net cash generated from operating activities was $375 million for the fourth quarter of 2025, compared to $1.15 billion for the fourth quarter of 2024.
Financial and Operating Results for the Full Year Ended December 31, 2025
Total revenues were $6.90 billion for the full year of 2025, compared to $8.43 billion for the full year of 2024, driven primarily by a decrease in freight rates and a modest decline in carried volume.
ZIM carried 3,663 thousand TEUs in the full year of 2025, compared to 3,751 thousand TEUs in the full year of 2024. The average freight rate per TEU was $1,551 for the full year of 2025, compared to $1,888 for the full year of 2024.
Operating income (EBIT) for the full year of 2025 was $1.02 billion, compared to operating income of $2.53 billion for the full year of 2024. The decrease was primarily driven by the above-mentioned decrease in revenues, partially offset by the non-cash impairment reversal recorded in the fourth quarter of 2025.
Net income for the full year of 2025 was $481 million, compared to net income of $2.15 billion for the full year of 2024, driven by the same factors mentioned above affecting operating income.
Adjusted EBITDA was $2.17 billion for the full year of 2025, compared to $3.69 billion for the full year of 2024. Adjusted EBIT was $885 million for the full year of 2025, compared to $2.55 billion for the full year of 2024. Adjusted EBITDA and Adjusted EBIT margins for the full year of 2025 were 31% and 13%, respectively. This compares to Adjusted EBITDA and Adjusted EBIT margins of 44% and 30% for the full year of 2024, respectively.
Net cash generated from operating activities was $2.3 billion for the full year of 2025, compared to $3.75 billion for the full year of 2024.
Liquidity, Cash Flows and Capital Allocation
ZIM’s total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $338 million from $3.14 billion as of December 31, 2024 to $2.80 billion as of December 31, 2025. Capital expenditures totaled $218 million for the year ended December 31, 2025, compared to $214 million for the year ended December 31, 2024. Net debt position as of December 31, 2025, was $2.92 billion compared to a net debt position of $2.88 billion as of December 31, 2024, an increase of $49 million. ZIM’s net leverage ratio as of December 31, 2025, was 1.3x, compared to 0.8x as of December 31, 2024.
Chartering Agreements and Fleet Update
During the second half of 2025, the Company concluded a series of charter agreements for 22 newbuild vessels. This includes two containerships with capacity of 12,000 TEU and 20 ships with capacity ranging from 3,000 to 5,000 TEU. All vessels are scheduled for delivery between 2027 and 2028, with charter periods of up to five years, in addition to optional extensions.
Previously, ZIM concluded charter agreements for the long-term charter of ten 11,500 TEU dual-fuel LNG vessels with expected delivery between 2027 and 2028 and four 8,000 TEU vessels with charter durations between 5 to 7.5 years and expected delivery between the second half of 2026 and the first half of 2027.
The Company determined that these charter agreements were critical to secure access to the capacity required to support its network, maintain its competitive cost structure and enable profitable growth.
ZIM currently operates 115 containerships with a total capacity of 707 thousand TEUs, as well as 13 car carriers. In addition, the Company has 13 containerships scheduled for charter expiration in 2026, representing an aggregate capacity of 46,716 TEU. In 2027, 17 containerships are scheduled for charter expiration representing an aggregate capacity of 33,874 TEU.
Fourth Quarter 2025 Dividend
In accordance with the Company’s dividend policy, the Company’s Board of Directors declared a regular cash dividend of approximately $106 million, or $0.88 per ordinary share. Together with prior dividend distributions made in respect to the year of 2025, dividend distributions for the year will total $240 million, or $1.99 per ordinary share, reflecting approximately 50% of 2025 net income. The dividend will be paid on March 26, 2026, to holders of record of ordinary ZIM shares as of March 20, 2026.
All future dividends are subject to the discretion of Company’s Board of Directors and to the restrictions provided by Israeli law. In addition, distribution of special dividends is restricted under the merger agreement between the Company and Hapag-Lloyd.
Transaction with Hapag-Lloyd
On February 16, 2026, ZIM announced that it entered into a merger agreement with Hapag-Lloyd, under which Hapag-Lloyd will acquire ZIM for $35.00 per share in cash. The transaction has been unanimously approved by ZIM Board of Directors and is expected to close by late 2026, subject to approval by ZIM shareholders and upon satisfaction of customary closing conditions, including approvals by regulatory authorities and the State of Israel pursuant to the requirements of the Special State Share. Until the closing of the transaction, Hapag-Lloyd and ZIM will remain separate independent companies and ZIM will continue to operate in the ordinary course.
In connection with the transaction, Hapag-Lloyd has entered into a binding memorandum of understanding with FIMI Opportunity Funds (FIMI), an Israeli-based private equity fund, under which the Special State Share held by the State of Israel in ZIM is intended to be transferred to a newly created subsidiary of FIMI, subject to approval by the State of Israel. FIMI will create a new container-network operator and liner-service provider, “New ZIM”, with owned tonnage, incorporated in Israel. The new business, operating under the ZIM trademark, will be owned and run by FIMI, supported by a long-term strategic partnership with Hapag-Lloyd, which includes commercial support for the initial period to allow structured commencement of operations.
Full-Year 2026 Guidance and Conference Call Update
In light of the proposed transaction with Hapag-Lloyd, ZIM will not be providing full-year 2026 financial guidance and will not host a conference call in connection with its fourth quarter and full year 2025 results.
Annual Report on Form 20-F for 2025
In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, the Company’s Annual Report filed on March 9, 2026, with the U.S. Securities and Exchange Commission on Form 20-F (including its audited 2025 financial statements) is available on the Company’s website at www.zim.com. Hard copies of the Annual Report will be provided free of charge upon request, from the Company, as follows: ZIM Integrated Shipping Services Ltd., 9 Andrei Sakharov Street, P.O. Box 15067, Matam, Haifa 3190500, Israel, Attn: Head of Investor Relations, Finance Function, Email: investors@zim.com, Tel: +972-4-865-2000 (General), +972-4-865-2300 (Direct).
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with operations in more than 90 countries, serving over 30,000 customers across more than 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM’s differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com.
