ZIM maintains last year's course
The Q1/2021 results of Haifa-based ZIM Integrated Shipping Services are in line with the carrier's figures of the last quarter of 2020. Besides, the completed IPO at the NYSE raised USD 204 million in net proceeds. In Q1/2021, volumes surged by a significant 28% to 818,000 teu.
The average freight rate per teu Q1/2021 was USD 1,925, a year-over-year increase of 76%. Revenues for the first quarter were USD 1.74 billion, a year-over-year increase of 112%.
Net income amounted to USD 589.6 million, compared to a loss of USD 11.9 million in Q1/2020. Thus, adjusted ebitda reached USD 820.5 million, a year-over-year increase of 744%, and adjusted ebit surged to USD 687.8 million.
With its chartering agreement with Seaspan for ten "green" LNG-fuelled vessels, ZIM is investing in new "green" technology to expand its fleet. (cd)