ZIM ZIM Integrated Shipping Services

Container Β· Container / Vehicle Carrier Β· 56 documents

ZIM Integrated Shipping Services' 128-vessel container fleet β€” 99 chartered-in container, 16 owned container and 13 chartered-in other β€” should earn about $3,035 a day in 2026Q3.

Last paid Β· 2026Q1
$0.00
$1,412/d earned
TTM $1.25 (4.3% trailing) Β· -100% vs prior quarter

Yields annualise each quarter Γ—4 at the last close, $29.21 (2026-10-16). Our model is not company guidance.

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Container β€” β€”none printed β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Container 10,580 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for container, vehicle carrier: no off-hire or drydock days are deducted there.

 11,776 11,776
By class
ClassDaysModel $/dayYours $/day
Container10,5803,0353,035
Fleet TCE, $/day modelled 3,035 3,035
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 35.7 35.7
Vessel opex, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: missing cash-cost component(s): interest_expense_usd_m, mandatory_amortization_usd_m.

 (1,213.6)
G&A, $m assumed

As reported for 2026Q2. Disclosed, but no break-even derives from them: missing cash-cost component(s): interest_expense_usd_m, mandatory_amortization_usd_m.

 (107.5)
EBITDA, $m

Needs vessel opex and G&A on a per-day basis; missing cash-cost component(s): interest_expense_usd_m, mandatory_amortization_usd_m.

 β€” β€”
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€”
Interest expense, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€”
Scheduled debt amortisation, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€”
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day

No cash break-even: missing cash-cost component(s): interest_expense_usd_m, mandatory_amortization_usd_m.

 β€” β€”
Cushion vs fleet TCE, $/day β€” β€”
Free cash flow to equity, $m

No cash break-even: missing cash-cost component(s): interest_expense_usd_m, mandatory_amortization_usd_m.

 β€” β€”
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy

No stated payout policy on file.

OutputModelYour scenarioΞ”
Estimated DPS, $/share β€”
Forward yield, run-rate % β€”
vs last declared ($0.00, 2026Q1) β€”

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $29.21 close on 2026-10-16.

No dividend is modelled for 2026Q3: its cash costs are on file except interest, scheduled debt amortisation, so no cash break-even can be built yet.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.062025Q2$0.312025Q3$0.882025Q4$0.002026Q1solid = declared Β· dashed = our model

Why no forward dividend next step: cost stack / debt service

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: its cash costs are on file except interest, scheduled debt amortisation, so no cash break-even can be built yet. A filing that separates opex, g&a and debt service unblocks it.

What is on file:

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEModelDeclared DPS
forecast →
$0
$2,000
$4,000
2025Q2
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared
$0.06
$0.31
$0.88
$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share. Model estimate β€” not issuer guidance.

Price and the yield it implied

Daily share price in dollars with the annualised yield each declared dividend implied: 285 points, 2025-08-29 to 2026-10-16; ZIM share price latest 29.21; Implied annual yield (% p.a., right) latest 12.09.

image/svg+xml Oct 2026 Apr Jul Oct 12 15 18 20 22 25 28 30 29 ZIM share price Implied annual yield (% p.a., right) 8.00 9.00 10 11 12 12 USD % p.a.

Latest: 2025-Q4 declared $0.88/share on 2026-03-09, 12.1% annualised against the $29.11 close that day.

The continuous line is the daily closing price in dollars β€” the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 2 declared dividends and is marked nowhere else β€” each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where ZIM departs from that

  • The forecast has not been scored against an outcome yet β€” there is no track record here to judge it by.
  • Weak OLS fit RΒ²=0.48.
  • Vessel-days are modelled from the fleet list (ships Γ— days in the quarter); no issuer day count is curated for this quarter.
  • Container: Xeneta market blend $3,035/TEU (5 lanes Γ— 12 weekly prints; market-side proxy, no Gibson route for container).
  • Container: no fixed-coverage guidance -> 100% spot proxy.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$3,035/d
MODELLED

Dividend history & forecast accuracy

PeriodDPSKindEx-datePay dateSource
2026-Q1 $0.00/share nothing declared β€” β€” as of 2026-05-20 read by hand from the filing Β· nothing declared
2025-Q4 $0.88/share regular β€” β€” as of 2026-03-09 read by hand from the filing Β· regular
2025-Q3 $0.31/share regular β€” β€” as of 2025-11-20 read by hand from the filing Β· regular
2025-Q2 $0.06/share regular β€” β€” as of 2025-08-20 read by hand from the filing Β· regular
2025-Q1 $0.74/share regular β€” β€” as of 2025-05-19 read by hand from the filing Β· regular
2024-Q4 $3.17/share regular β€” β€” as of 2025-03-12 read by hand from the filing Β· regular

Financials & fleet

Latest quarter 2026Q2

Fleet
128
Realized TCE
$1,412/d 2026Q1
Declared DPS
$0.00 2026Q1
TTM DPS
$1.25
Coverage
β€”
Revenue
$1,780.7M
Opex
$1,213.6M
Net income
$63.5M

99Γ— container (chartered-in) Β· 16Γ— container (owned) Β· 13Γ— other (chartered-in) 2025-12-31

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Container0β€”β€” β€” β€” β€” 3,035 β€” 32.1
Vehicle Carrier0β€”β€” β€” β€” β€” β€” β€” β€”
Total0 3,035 β€” 32.1

Guided rates are issuer-booked cover for 2026Q3 blended with market spot prints for the open days.

Revenue if rates hold
$32.1M
Confidence
LOW

Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.

Expected DPS suppressed: debt service unknown β€” earnings bridge carries no interest expense and mandatory amortization; the model refuses to assume it is zero.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

container: Xeneta market blend $3,035/TEU (5 lanes Γ— 12 weekly prints; market-side proxy, no Gibson route for container) Β· container: no fixed-coverage guidance -> 100% spot proxy Β· vehicle carrier: no market proxy prices this class and no issuer guidance on file -> class estimate stays dark Β· DPS counts only the priced classes' days; vehicle carrier (1,196 d) carry no rate and are taken at zero margin β€” they cover their own costs and add no cash Β· one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (RΒ² < 0.5) Β· DPS-vs-TCE regression (Β§26) DPS suppressed: TCE $3,035/day is outside the payer model's fitted range $1,146-$1,976/day (54% beyond, past the 1.25x cap) β€” DPS not extrapolated Β· DPS chain not run: the liner's rate is a $/TEU lane index, not a day rate the chain can multiply by vessel-days

Forecast accuracy β€” fleet TCE

The model's fleet TCE for each quarter β€” the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β€” scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β€” positive means the model was too high.

Quarters scored
4
Avg abs. error
19.0%
QuarterModel TCEReported TCEError
2026Q1 $1,588/day $1,412/day +12.5%
2025Q4 $989/day $1,146/day -13.7%
2025Q3 $1,741/day $1,382/day +25.9%
2025Q2 $1,500/day $1,976/day -24.1%

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $1,780.7M $1,396.5M +8.9%
Opex $1,213.6M $1,031.7M +10.5%
Net income $63.5M βˆ’$86.0M +178.5%
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M1,780.71,396.51,484.71,777.21,635.72,006.6
Voyage expenses $Mβ€”β€”β€”β€”β€”β€”
Vessel opex $M1,213.61,031.71,086.81,113.41,098.01,162.6
G&A $M107.596.288.484.784.279.0
Depreciation $Mβ€”β€”β€”β€”β€”β€”
Interest expense, gross $Mβ€”β€”β€”β€”β€”β€”
Net income $M63.5βˆ’86.038.1123.022.8295.3
Declared DPSβ€”0.000.880.310.060.74

Profit statement – highlights SEC EDGAR company facts

LineFY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025YoY Ξ”
Revenue 3247.93299.83991.710728.712561.65162.28427.46904.2 -18.1%
EBITDA / operating income β€”β€”β€”β€”β€”β€”β€”β€” β€”
Operating expenses β€”β€”β€”β€”β€”β€”β€”β€” β€”
Net result -119.9-13.0524.24649.14629.0-2687.92153.8481.5 -77.6%
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€” β€”
Full P&L grid β€” 4 lines Γ— 8 quarters
Line itemFY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating revenues3247.93299.83991.710728.712561.65162.28427.46904.2
Operating expensesβ€”β€”β€”β€”β€”β€”β€”β€”
Operating incomeβ€”β€”β€”β€”β€”β€”β€”β€”
Profit for the period-119.9-13.0524.24649.14629.0-2687.92153.8481.5

Realized fleet TCE

Realized fleet TCE versus benchmark: 4 points, 2025-04-01 to 2026-01-01; Realized fleet TCE latest 1,411.94.

image/svg+xml May Jul Sep Nov 2026 1,200 1,400 1,600 1,800 2,000 1,412 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 6-K, 6-K β€” β€” β€”
2026Q3 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2026Q2 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2026Q1 6-K, 6-K, 20-F, 6-K, 6-K, 6-K β€” β€” β€”
2025Q4 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2025Q3 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2025Q2 6-K, 6-K, 6-K β€” β€” β€”
2025Q1 6-K, 20-F, 6-K β€” β€” β€”
2024Q4 6-K, 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2024Q3 6-K, 6-K, 6-K, 6-K, 6-K β€” β€” β€”
2024Q2 6-K, 6-K β€” β€” β€”
2024Q1 20-F, 6-K β€” β€” β€”

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