The normalisation in container rates has begun, according to ZIM president and CEO, who noted that his company’s third-quarter and nine-month results reflect “outstanding execution and elevated profitability”.
The Israeli container carrier reported US$1.17 billion in net income, US$1.93 billion in adjusted EBITDA and US$1.54 billion in operating income (EBIT) for the third quarter of the year. All these figures are significantly decreased compared with the same period in 2021.
For the period July-September 2022, ZIM’s vessels moved 842,000 TEUs, representing a year-on-year drop of 5%. However, the average freight rate per TEU in the third quarter increased by 4% from 2021 same quarter to US$3,353. As a result, ZIM’s revenues for the third quarter were US$3.23 billion, a year-over-year increase of 3%.
Additionally, for the first nine months of 2022, the Haifa-headquartered ocean carrier has achieved total revenues of US$10.37 billion, EBIT of US$5.5 billion, adjusted EBITDA of US$6.57 billion and net income of US$4.21 billion.
Moreover, ZIM has moved over 2.55 million TEUs from January to September 2022.
“Given our significant cash generation, and consistent with our prioritization of returning capital to shareholders, we have declared this year over US$1.26 billion, or US$10.55 per share, in dividends on account of 2022 results, including a Q3 dividend of approximately US$354 million, or US$2.95 per share,” said Glickman.
ZIM’s boss noted that the company now forecasts 2022 adjusted EBITDA of between US$7.4 billion to US$7.7 billion and adjusted EBIT of between US$6 billion to US$6.3 billion.
Source: Container News