In line with the general trend in the shipping industry, ZIM has posted what the line’s president and CEO Eli Glickman describes as ‘exceptional’ results for the third quarter.
They represent a new all-time record for the line, according to a recently released statement. Glickman expects Q4 results to be at least as high.
“While market conditions were favourable in some trades, we are still facing the challenges of the pandemic, and market volatility remains high,” he said.
“Following the successful launch of new specialised services for the fast-growing e-commerce sector, we further expanded our reach and our offer to customers. During the quarter we announced several new initiatives aimed at harnessing our technological and innovative expertise to shipping-related fields.”
Adjusted net profit was $149.0 million compared to $3.7 million in Q3 2019, a 3,927.0% increase, while net profit was $144.4 million compared to $5.0 million in Q3 last year, a 2,818.4% increase
Total revenues were $1 012.5 million compared to $842.0 million in Q3 2019, a 20.3% increase
ZIM carried 762 thousand TEUs compared to 725 thousand TEUs in Q3 2019, a 5.1% increase.
The average freight rate per TEU was $1,176 compared to $1 009 in Q3 2019, a 16.6% increase
Adjusted EBITDA was $262.1 million compared to $106.8 million in Q3 2019, a 145.4% increase
EBITDA was $263.0 million compared to $113.8 million in Q3 2019, a 131.1% increase
Adjusted net profit was $175.9 million compared to adjusted net loss of $10.8 million in 1-9 2019 while net profit was $157.8 million compared to net loss of $14.2 million in 1-9 2019.
Total revenues were $2 630.9 million compared to $2 472.5 million in 1-9 2019, a 6.4% increase
ZIM carried 2 042 thousand TEUs compared to 2 124 thousand in 1-9 2019, a 3.9% decrease
The average freight rate per TEU was $1 116 compared to $1 007 in 1-9 2019, a 10.8% increase