ZIM Integrated Shipping Services Ltd. saw profits drop in Q2 due to lower trans-Pacific container volumes from Trump’s tariff battle with China. Net income was $24 million, down from $373 million last year, with diluted earnings per share at $.19 from $3.08. Revenues fell 15% to $1.64 billion.

Adjusted EBITDA was $472 million, down 38% y/y, operating income at $149 million, and adjusted EBIT at $149 million. Container volume decreased 6% to 895,000 TEUs, with an average rate of $1,479 per TEU. Zim raised guidance for adjusted EBITDA to $1.8-$2.2 billion and adjusted EBIT to $550-$950 million.

President Glickman stated Zim will use its modern fleet and agile strategy to respond to demand changes. The company aims for sustainable growth despite market disruptions and volatility. Zim’s focus is on controlling what it can to position for long-term profitability and growth.

Read more at Yahoo Finance: Trump trade war on the trans-Pacific hits Zim Q2 profits