ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) Q1 2024 Earnings Conference Call May 21, 2024 8:00 AM ET

Company Participants

Elana Holzman - Head of IR
Eli Glickman - President & CEO
Xavier Destriau - CFO

Conference Call Participants

Omar Nokta - Jefferies
Muneeba Kayani - Bank of America
Sathish Sivakumar - Citigroup
Marco Limite - Barclays

Operator

Thank you for standing by, and welcome to the ZIM Integrated Shipping Services First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I'd now like to turn the conference over to Elana Holzman, Head of Investor Relations. You may begin.

Elana Holzman

Thank you, operator, and welcome to ZIM's first quarter 2024 financial results conference call. Joining me on the call today are Eli Glickman, ZIM's President and CEO; and Xavier Destriau, ZIM's CFO.

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements regarding expectations, predictions, projections or future events or results. We believe that our expectations and assumptions are reasonable. We wish to caution you that such statements reflect only the company's current expectations and that actual events or results may differ, including materially. You are kindly referred to consider the risk factors and cautionary language described in the documents the company filed with the Securities and Exchange Commission, including our 2023 Annual Report and Form 20-F filed with the SEC in March 2024. We undertake no obligation to update these forward-looking statements.

At this time, I would like to turn the call over to ZIM's CEO, Eli Glickman. Eli?

Eli Glickman

Thank you, Elana and welcome, everyone. Slide number three. ZIM began 2024 with positive momentum. We leverage market conditions and coupled with the strong execution of the ZIM team globally, we delivered solid Q1 results. Based on current market conditions, our outlook for the remainder of the year has improved, and as such, we now expect our full year '24 financial performance to be better than our '23 results. Our strategic plan to upscale our fleet and operate larger vessels to improve our cost structure is paying off and we believe that in '24, we will achieve our volume growth expectations outperforming the market. ZIM earning in the first quarter reflects stronger spot rates, which resulted from disruption in the global logistics supply chain.