ZIM sees revenue skyrocket to $2.77 billion

Total revenues for the third quarter of 2024 were $2.77 billion, up from $1.27 billion in the third quarter of 2023, owing mostly to a rise in freight rates and carried volume. ZIM transported 970,000 TEUs in the third quarter of 2024, compared to 867,000 TEUs in the third quarter of 2023. In Q3 2024, the average freight rate per TEU was $2,480, up from $1,139 in Q3 2023.

The operational income (EBIT) for the third quarter of 2024 was $1.23 billion, compared to an operating loss of $2.28 billion in the third quarter of 2023.

The rise was largely caused by the impairment loss recorded in the third quarter of 2023 and the previously indicated increase in sales.

Net gain for the third quarter of 2024 was $1.13 billion, compared to a net loss of $2.27 billion in the third quarter of 2023, which was primarily driven by the aforementioned impairment loss and a rise in sales.

Adjusted EBITDA for the third quarter of 2024 was $1.53 billion, compared to $211 million in the third quarter of 2023. Adjusted EBIT was $1.24 billion in the third quarter of 2024, compared to a loss of $213 million in the third quarter of 2023. The Adjusted EBITDA and Adjusted EBIT margins for the third quarter of 2024 were 55 per cent and 45 per cent, respectively.

This compared to 17 per cent and -17 per cent in the third quarter of 2023, respectively. In the third quarter of 2024, net cash from operating operations was $1.50 billion, up from $338 million in the same quarter in 2023.

Eli Glickman, ZIM President & CEO, said: “Our growing earnings power is reflective of a strong rate environment, but also a testament to our diligent execution, upscaling our capacity and enhancing our cost structure.” In August, ZIM reported its consolidated results for the first three and six months of the year.