Freight News, Sea

Zim Records Highest Quarterly Profits Ever

[ November 26, 2020   //   Gary G Burrows ]

Israeli carrier Zim recorded its highest quarterly profits in Q3 net profit of $144.4 million, a whopping 2,818% increase over the $5 million it recorded in the third quarter of 2019.

Adjusted ebitda of $262.1 million in the third quarter was also a record, and compares with $106.8 million in Q3 19, representing an increase of 145.4%

Total revenues for the period were $1.013 billion, its highest level for eight years and an increase of 20.3% over the $842m it earned in the third quarter of 2019.

The container shipping industry is dynamic and volatile and has been marked in recent years by instability of market environment largely driven by geopolitical reasons. Moreover, in 2020 the Covid-19 pandemic outbreak significantly impacted global economies, resulting in reduced demand and spending across many sectors, adversely affecting certain commodities and sea freight volumes, while also resulting in reduced bunker prices.

Confronted with this volatile and unprecedented business environment, ZIM continued to expand its global network, attending to customers new products’ demand, improved its commercial and service performance levels, resulting in outstanding financial and operational performance during the third quarter of 2020.

Tags: ZIM