ZIM profits more than USD 4.2 billion in the first 9 months of 2022

Container ship of ZIM (Photo: ZIM)

According to the president and CEO of ZIM, the normalization of container freight rates has begun. He noted that the company's third-quarter and first-nine-month results reflect "outstanding execution and elevated profitability".

The Israeli container shipping company reported a net profit of USD 1.17 billion, adjusted EBITDA of USD 1.93 billion and operating profit (EBIT) of USD 1.54 billion for the third quarter of this year. All of these numbers are down significantly compared to the same period in 2021.

Between July and September 2022, ZIM vessels transported 842,000 TEUs, down 5% year-on-year. However, the average freight rate per TEU in the third quarter increased 4% year-on-year to $3,353. As a result, ZIM's revenue for the third quarter was $3.23 billion, up 3% year-on-year.

Additionally, for the first nine months of 2022, the Haifa-based ocean carrier posted total revenue of USD 10.37 billion, EBIT of USD 5.5 billion, adjusted EBITDA of USD 6.57 billion and net income was USD 4.21 billion.

In addition, ZIM transferred more than 2.55 million TEU from January to September 2022.

Financial and operational report of ZIM Shipping Line Q3 2022 (Source: ZIM)

"Given our significant cash generation, and consistent with our prioritization of returning capital to shareholders, we have declared this year over US$1.26 billion, or US$10.55 per share, in dividends on account of 2022 results, including a Q3 dividend of approximately US$354 million, or US$2.95 per share," Glickman said.

ZIM leadership noted that the company now forecasts adjusted EBITDA in 2022 to be between USD 7.4 billion and USD 7.7 billion, and adjusted EBIT between USD 6 billion and USD 6.3 billion.

Source: Phaata.com (According to ZIM | ContainerNews)

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