Shipping line Zim bets big on spot market as losses mount

News Snapshot:

More bad news from Zim, the world’s 10th-largest container line operator and a major player in the Asia-U.S. East Coast trade: After slashing its full-year guidance in July, it reported much steeper second-quarter losses on Wednesday than analysts expected. Israel-based Zim (NYSE: ZIM) posted a net loss of $213 million for Q2 2023, compared to net income of $1.34 billion in Q2 2022 and a net loss of $58 million in the first quarter of this year. The adjusted net loss of $1.37 per share in the latest period was 49% below the consensus forecast for a loss of 92...