ZIM Integrated: Q2 Dividend Payout Is More Likely Than Not - Still Not A Buy

Macro Micro As discussed in our previous article, we had hypothesized that the ongoing Red Sea conflict and subsequent fleet diversion through the Cape of Good Hope might potentially trigger near-term tailwinds for ZIM, based on the rising spot rates from $1,364 on October 19, 2023 (prior to the Red Sea attacks) to $2,725 on May 02, 2024. This conjecture has materialized after all, with ZIM reporting excellent freight rates of $1,452 (+31.7% QoQ/ +4% YoY) and net incomes of $92.1M in FQ1'24 (+162.8% QoQ/ +2 ...