The fall of $ZIM after poor results.

I'll just add that the company is pretty well known when it comes to merchant shipping, mostly because of its dividend. Unfortunately the results have been so bad that the current div. payout date is on hold.

ZIM Integrated Shipping Services Ltd $ZIM

Announced a 63% year-over-year decline in Q1 2023 revenue to $1.37 billion, missing analysts' consensus of $1.57 billion.

The volume shipped in Q1 was 769 thousand TEUs, down 10% YoY. The average freight rate per TEU in Q1 was $1,390 (-64% y-o-y).

The company generated a loss per share of $0.50, down from $14.19 a year ago.

Adjusted EBITDA declined 85% year-over-year to $373 million with a margin of 27% versus 68% a year ago.

ZIM's total cash position was $4.25 billion as of March 31, 2023.

Operating cash flow was $174 million in Q1 compared to $1.7 billion a year ago.

Capital expenditures were $36 million in Q1 2023 compared to $183 million in Q1 2022.

ZIM did not pay dividends in the first quarter as it generated a net loss of $58 million.

Confirming FY23 guidance, ZIM reiterated adjusted EBITDA of $1.8 billion - $2.2 billion and adjusted EBIT of $100 million - $500 million.

"With a focus on strengthening our commercial and operational resilience, we have adapted our vessel acquisition strategy to improve our cost structure by adding tonnage-saving newbuildings that will rework our fleet profile, as well as shift our ESG targets. 15,000 dual-fuel LNG TEU vessels, ideally suited for our Central Asia to US East Coast fleet, and 36 smaller, more versatile vessels, 18 of which are also dual-fuel LNG, will allow ZIM to operate the fleet that is best suited. for our trades and services." Said Eli Glickman, President and CEO.

I don't have this company in my portfolio, but I was looking at it when it was mentioned here. Dividend nice and growth was seen, with the company looking to grow and think more about environmentalism in transportation. But unfortunately the results were poor, hence the dividend should have been missed at least once from what I read and the next one probably won't be like that. The drop and the share price will probably still be there? ...What do you think, is it up for consideration and will it float back to the surface or is this company already slowly sinking to the bottom? ...