Ocean carrier Zim outperformed its much larger rivals at the peak of the container shipping boom. It’s still raking in over a billion dollars a quarter, but as the market corrects, it’s falling back to Earth faster than others.
On Wednesday, Zim (NYSE: ZIM) announced a drop in quarterly earnings and cut its full-year guidance. Not only is its spot-rate revenue falling, but it is agreeing to lower contract rates in mid-contract and is handling less volume due to weaker demand and ongoing...
https://www.freightwaves.com/news/zim-flew-higher-during-boom-falls-faster-as-market-sinks