Container shipping company Zim generated a profit of US$373m and revenue of just under US$2bn in the second quarter, around 48% more than in the previous year.
In the second quarter of 2023, it had still posted a loss of US$213 m. Israeli Zim was also able to increase its transport volume. 952,000 TEU represent an increase of 11% compared to the same period last year.
Like all other major lines, the shipping company benefited from the rise in freight rates, not least due to the rerouting of the important East-West traffic around the Cape of Good Hope. The attacks by the Houthis in the Red Sea were aimed not least at ships owned by Israel or with Israel as their destination and port of departure. The average revenue per container climbed by 40% to US$1,674.
Zim reroutes ships and waits for newbuildings
“The steps we have taken to increase our capacity and improve our cost structure have led to strong financial results,” says Eli Glickman, President & CEO of Zim. Among other things, the company has sent more ships to the transpacific trade.
As a result of the good results, Zim is now following the example of other liner shipping companies, which have already raised their forecasts for the rest of the year. Adjusted EBITDA of between US$2.6 and US$3.0bn and adjusted EBIT of between US$1.45 and US$1.85bn are expected for the year as a whole.
The current new construction program should also be completed by the end of the year. Currently, eight of 46 fuel-efficient container ships are still awaiting delivery. Twenty-eight of these will be powered by LNG in future.
