ZIM also improves its results in 2019
The Haifa (Israel)-headquartered ZIM Shipping Integrated Services is one of the carriers that saw improved earnings in the course of 2019, getting close to balanced financial results. Reporting on the first nine months of 2019, ZIM transported 2.1 million teu, a decrease of 3.5% in comparison to the same period in 2018 (2.2 million teu).
Yet revenues went up by 3.2%, from USD 2.4 to 2.5 billion year-on-year, and the adjusted ebitda saw an uptick of USD 270.5 million compared to USD 101.7 million in the first nine months of 2018. Net loss was USD 14.2 million, a significant improvement compared to the net loss of USD 73.9 million in 2018. The average freight rate per teu rose to USD 1,007 compared to USD 950 in 1-9/2018, a 6.0% increase.
In its report, the carrier spoke of the expansion of its cooperation with 2M, which originally dates from September 2018. During the first nine months of 2019, the cooperation was extended to three additional trades: Asia - East Mediterranean, Asia - American Pacific Northwest and the Asia - US Gulf. (fd)