ZIM Integrated Shipping Services has posted strong third quarter results, with net income of $1.13 billion (compared to a net loss of $2.27bn in the third quarter of 2023).
Adjusted Ebitda was $1.53bn, a year-over-year (y-o-y) increase of 626%.
Operating income (Ebit) for Q3 was $1.23bn, compared to an operating loss of $2.28bn for the same period last year. Adjusted Ebit for the third quarter was $1.24bn, compared to an adjusted Ebit loss of $213 million in Q3 2023.
Total revenues were $2.77bn, a y-o-y increase of 117%, while 970 000 TEUs were carried, a y-o-y growth of 12%.
Average freight rate per TEU was $2 480, an increase of 118%.
"ZIM delivered strong third-quarter results, as we again achieved record carried volumes, contributing to our outstanding financial performance,” said Eli Glickman, ZIM president and CEO.
“Our growing earnings power is reflective of a strong rate environment. We've continued to see incremental benefits from our strategic investment in our operated capacity as new, larger, more modern, cost-effective vessels join our fleet."
Glickman added that a decision made earlier in the year to increase the line’s exposure to spot volumes in the Transpacific trade had also contributed to the strong Q3 performance.
“Based on results that have exceeded expectations to date and improved outlook for the fourth quarter of 2024, we have increased our full-year 2024 guidance and today forecast full-year adjusted Ebitda of $3.3-$3.6bn and adjusted Ebit of $2.15- $2.45bn.
“We will close out the year with the final delivery of the remaining four of 46 newbuild containerships, which include 28 LNG-powered vessels. Entering 2025, we will be operating a fleet that is both well-equipped to meet emissions reduction targets and well-suited to the trades in which we operate. Supported by our declining unit costs, we believe ZIM is well positioned to deliver profitable growth over the long term."
