© Daniel Ramirez (CC BY 2.0)

A record third quarter

ZIM reports outstanding performance

by Port News Editorial Staff

In the third quarter, the Israeli shipping company recorded a new all-time high in revenues,  $3.14 billion, an increase of 209.7% over the same period in 2020.

Its EBITDA stood at $2.08 billion (up 690.9%), operating profit amounted to $1.86 billion, up 884.6%, and net profit reached $1.46 billion (up 913.1%).

Driving its financial performance is, above all, the astonishing increase in ocean freight rates.  Between July and September, ZIM’s average freight rate reached a record $3,266 per TEU, up 174.3% over the same period in 2020.

During the reporting period, the company handled 884,000 TEUs, registering a +16% increase on July-September 2020 volumes.

The exceptional results reported in the third quarter led the company to revise its full-year guidance, forecasting an EBITDA of between $6.2 billion and $6.4 billion for the end of the year.

Translation by Giles Foster

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