HAIFA, Israel, March 9, 2026, 17:04 IST
- Net income for the fourth quarter slid to $38 million, down sharply from $563 million last year. Revenue also slipped, falling 32% to $1.48 billion.
- Freight rates averaged $1,333 per TEU, down 29%, while volume moved dipped 9% to 898,000 TEUs.
- ZIM is paying out a $0.88 dividend per share, while holding off on any 2026 outlook as it waits for the Hapag-Lloyd deal to close.
ZIM Integrated Shipping Services reported a sharp drop in fourth-quarter net income, posting $38 million compared with $563 million a year ago. Revenue for the quarter was down 32% to $1.48 billion as both freight rates and volume softened. For the year, revenue slid 18% to $6.90 billion, and net income came in at $481 million, well off last year’s $2.15 billion. ZIM declared a $0.88 per share dividend, but with its pending sale to Hapag-Lloyd, the company is holding off on issuing 2026 guidance.
This marks ZIM’s first scheduled report since Hapag-Lloyd moved to acquire the Israeli shipping company in a cash deal at $35 a share, putting the total at roughly $4.2 billion. Management skipped the standard conference call and opted not to provide guidance for 2026, so investors are working with this final full-year snapshot of ZIM as a standalone operator while the buyout approval process gets underway.
Shares climbed 51 cents—or roughly 1.8%—to $28.32 in New York, but that’s still a good stretch below the offer price, reflecting lingering worries about the deal closing. The transaction, slated for completion by late 2026, hinges on shareholder, regulatory, and Israeli government approval.
Adjusted EBITDA dropped 66% to $327 million — that’s ZIM’s preferred gauge of operating profit, stripping out interest, taxes, depreciation, and certain one-offs. The carrier moved 898,000 TEUs during the quarter, slipping 9%. Average freight rates took a sharper hit, down 29% to $1,333 per TEU.
Eli Glickman, Chief Executive, noted ZIM’s results landed “at the upper end of our guidance.” With the newest payout, dividends declared on 2025 earnings reach $240 million, or $1.99 a share. Special dividends, though, remain off the table due to the merger agreement. ZIM Investors
Glickman flagged “continued pressure on freight rates” looking ahead to 2026. The quarter’s numbers bear that out: revenue fell, with ZIM pointing to softer rates and a dip in carried volume as the main culprits. ZIM Investors
Back in February, Hapag-Lloyd said snapping up ZIM would push the merged group into the world’s number five spot among container shippers, counting over 400 vessels and moving more than 18 million TEUs each year. There’s also a carve-out: ZIM’s operations tied to Israel are expected to spin off into New ZIM, a FIMI-backed business set to retain the state’s golden share.
Describing ZIM as an “excellent partner,” Hapag-Lloyd CEO Rolf Habben Jansen said the deal would give customers broader coverage in the Transpacific, Intra-Asia, Atlantic, Latin America, and East Mediterranean regions. For now, the companies plan to operate independently right up to closing. Hapag-Lloyd
The deal isn’t clear sailing yet. ZIM workers in Israel walked off the job after news of the takeover, citing worries over job security. On top of that, the transaction has to get the green light from regulators and satisfy conditions linked to the special state share.
Monday’s numbers point to a profitable carrier, though activity lags last year’s levels. Margins are under pressure in a weaker freight market, and the ongoing takeover is shifting the narrative for investors.
