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Generated highest ever quarterly net income of US$1.46 billion and adjusted EBITDA of $2.08 billion
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Carried volume increased 16% year-over-year, significantly higher than market growth
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Revenues rose 210% to $3.14 billion year-over-year
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Average freight rate per TEU soared to $3,226 as against $1,176 year-on-year
Global container shipping liner ZIM Integrated Shipping Services reported its highest ever quarterly net income of US$1.46 billion for the third quarter of 2021, a 913% increase compared to $144 million in the same period a year ago.
The Israel-based carrier in an official statement said its total revenues were $3.14 billion for the third quarter of 2021, up 210% from $1.01 billion for the third quarter of 2020, primarily driven by an increase in revenues from containerized cargo, reflecting increases in freight rates as well as in carried volume.
Adjusted EBITDA was $2.08 billion for the third quarter of 2021, higher by 693% from $262 million for the third quarter of 2020. Adjusted EBIT was $1.86 billion compared to $189 million a year ago.
ZIM carried 884,000 TEUs during the third quarter of 2021, an expansion from 762,000 TEUs in the third quarter of 2020. The average freight rate per TEU was $3,226 for the third quarter of 2021 as against $1,176 for the third quarter of 2020.
“The exceptional results we generated in the third quarter reflect our highest ever quarterly revenues, adjusted EBITDA, net profit and operating cash flow. Importantly, we have once again delivered industry-leading margins, outperforming the sector’s average,” said Eli Glickman, ZIM president & CEO.
For the first nine months of 2021, net income was $2.94 billion from $158 million for the first nine months of 2020.
Adjusted EBITDA was $4.24 billion for the first nine months of 2021 compared to $504 million a year ago. Adjusted EBIT was $3.71 billion, up from $289 million for the first nine months of 2020.
ZIM carried 2,623,000 TEUs during the first nine months of 2021 compared to 2,042,000 TEUs year-on-year. The average freight rate per TEU jumped to $2,510 for the period under review compared to $1,116 a year ago.
Total revenues were $7.26 billion for the first nine months of 2021 versus $2.63 billion for the first nine months of last year, primarily driven by an increase in revenues from containerized cargo, reflecting increases in freight rates and carried volume.
Glickman said that with ZIM’s strong outlook and “extremely positive container liner market fundamentals,” the company increased its full-year guidance and expects to generate in 2021 adjusted EBITDA of between $6.2 billion and $6.4 billion and adjusted EBIT of between $5.4 billion to $5.6 billion.
Photo by Daniel Ramirez
