ZIM reports promising half-yearly results

The Haifa (Israel)-headquartered ZIM Group has reported improved results for H1/2019. Revenues amounted to more than USD 1.6 million compared to USD 1.56 million in H1/2018, an increase of 4.9%. Cargo volumes dropped by the same percentage, since ZIM carried 1.39 million teu (from 1.47 million teu in H1/2018).

A reason for upswing was the rise of the average freight rate per teu, ticking up to USD 1,005 compared to USD 922 in the first six months of 2018 (an increase of 9%). The adjusted ebitda more than tripled to USD 163.7 million, compared to USD 51.9 million in the same period of 2019.

The carrier was able to reduce the adjusted net loss to USD 14.5 million compared to USD 46.7 million in H1/2018. Eli Glickman, ZIM president & CEO, attributed these improvements to the cooperation with 2M since September 2018 and spoke of “encouraging results”. (cd)