Boom continues for Zim in Q2

The shipping group Zim has published its consolidated results for Q2/2021. The volumes carried by the line grew by 44% year-on-year, to 921,000 teu. H1/2020 saw 1.3 million teu handled. The average freight rate per teu over the period stood at USD 2,341, a rise of 119% compared to the same period in 2020.

The adjusted ebitda for Q2/2021 came to USD 1.34 billion, compared to 145 million in Q2/2020. Total revenues of USD 2.38 billion also took a great leap forward (+200%), compared to USD 795 million in the same period last year. Net income grew to USD 888 million, compared to USD 25 million in Q2/2020.

Zim president and CEO Eli Glickman pointed to recent investment in new containers and LNG dual fuel vessels and concluded that “our strong performance and robust cash generation have allowed us to further pay down debt, resulting in a leverage ratio of 0.3x, the lowest in Zim’s history, and enabled us to boost shareholders’ equity to USD 1.72 billion.” (cd)