Israeli carrier ZIM Integrated Shipping
Services Ltd. (ZIM) has generated its highest ever quarterly net income – as it
confidently predicts a positive outlook for 2022.
Net income for the
first quarter of this year was $1.7 billion, a year-over-year increase of 190 per
cent, while EBITDA tripled compared to last year’s first quarter to $2.5
Q1 revenues reached $3.7 billion,
compared to $1.7 billion for the first quarter of 2021, primarily driven by
improved freight rates, as well as an increase in carried cargo volume
according to the company.
Operating income (EBIT) for the first
quarter of 2022 also rose to $2.2 billion, levelling out increased expenses
originated from bunkering and vessel chartering costs.
ZIM has carried a
total of 859,000 TEU in Q1 2022
ZIM has carried a total of 859,000 TEU in
Q1 2022 – with an average freight rate per TEU of $3,848, compared to $1,925
for the first quarter of 2021.
“We continue to position ZIM for
long-term success, as we strengthened our future commercial prospects and
improved our cost structure,” said Eli Glickman, ZIM President & CEO,
commenting the results.
“Since the beginning of 2022, we have
announced attractive chartering transactions for 17 newbuild vessels, securing
modern and efficient tonnage particularly well-suited to serve on our expanded
network of expedited services.”
We will maintain flexibility to adjust our
“Importantly, we will maintain
flexibility to adjust our fleet size based on market conditions and be
positioned at the forefront of carbon intensity reduction among global liners.
“We also continuously improve and upgrade
the digital tools, platforms and solutions offered to our customers, aiming to
enhance our commercial offering and provide superb customer experience.”
The company’s revenues totalled $3.47
billion, up from $1.36 billion in Q4 2020, owing to an increase in volumes and