With revenue of $2.77 billion, ZIM reports third-quarter results
On November 20, ZIM announced its financial statements for the third quarter of 2024.
In addition, ZIM's cargo volume in the third quarter was 970,000 TEUs, an increase of 12% year-on-year; The average freight rate was $2,480 /TEU, an increase of 118% year-over-year.
ZIM said that the increase in operating income was mainly due to higher freight rates and higher freight volumes.
Commenting on the strong third quarter results, Eli Glickman, President and Chief Executive Officer of ZIM, said: "We once again achieved record volumes in the third quarter, and ZIM's growing profitability reflects current strong freight rates and our aggressive efforts to improve our cost structure. As new larger, more modern and cost-effective vessels join the fleet, we will continue to see the benefits of our strategic investments."
Eli Glickman stressed that one of ZIM's key strengths is its "business agility" and will continue to leverage this advantage to capture market opportunities in the future.
He also revealed that by 2025, ZIM will operate a fleet that is well equipped to meet its emission reduction targets. With unit costs coming down, he believes ZIM is well positioned to deliver long-term profitable growth.
Based on the optimistic outlook for the market outlook, ZIM raised its full-year 2024 guidance, predicting adjusted EBITDA of $3.3 billion to $3.6 billion and adjusted EBIT of $2.15 billion to $2.45 billion.
In addition, ZIM's cargo volume in the third quarter was 970,000 TEUs, an increase of 12% year-on-year; The average freight rate was $2,480 /TEU, an increase of 118% year-over-year.
ZIM said that the increase in operating income was mainly due to higher freight rates and higher freight volumes.
Commenting on the strong third quarter results, Eli Glickman, President and Chief Executive Officer of ZIM, said: "We once again achieved record volumes in the third quarter, and ZIM's growing profitability reflects current strong freight rates and our aggressive efforts to improve our cost structure. As new larger, more modern and cost-effective vessels join the fleet, we will continue to see the benefits of our strategic investments."
ZIM CEO Eli Glickman
Eli Glickman stressed that one of ZIM's key strengths is its "business agility" and will continue to leverage this advantage to capture market opportunities in the future.
He also revealed that by 2025, ZIM will operate a fleet that is well equipped to meet its emission reduction targets. With unit costs coming down, he believes ZIM is well positioned to deliver long-term profitable growth.
Based on the optimistic outlook for the market outlook, ZIM raised its full-year 2024 guidance, predicting adjusted EBITDA of $3.3 billion to $3.6 billion and adjusted EBIT of $2.15 billion to $2.45 billion.
