Chief executive Eli Glickman optimistically predicts that Zim’s fortunes will strengthen in the second half of the year.

That is why the Israeli carrier issued guidance on Monday of between $1.8bn and $2.2bn in adjusted Ebitda for 2023.

Glickman’s conviction is premised on the belief that freight rates will bottom out, volumes will improve and bunker costs fall.

There are even signs of capacity tightening, with slippage looking set to push back delivery of a number of vessels, including ships destined for Zim.