Thursday, June 26, 2025
Home Most Visited - Newsletter ZIM enjoys stronger Q1 results amid the global pandemic

ZIM enjoys stronger Q1 results amid the global pandemic

Despite the impact of the Covid-19 crisis on the shipping industry, ZIM has achieved a significant improvement in its first-quarter performance, compared to the same period of 2019.

ZIM president and CEO, Eli Glickman, presented the Q1 results which showed a growth in container volumes by 4.5%, translating to 638,000TEU, and increased total revenues by 3.4%, at US$823.2 million.

“ZIM was able to mitigate the adverse impact of the crisis, and Q1 2020 results show improvements in all parameters, compared to the same period in 2019, including strong cash generation and a continued deleveraging of our balance sheet,” stated Glickman.

The 11th largest shipping company in the world, according to Alphaliner, has reported adjusted EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) of US$97.2 million and adjusted EBIT (earnings before interest and taxes) of US$27.2 million during the first three months of 2020, compared to US$69.3 million and US$22 million in 2019 Q1, respectively.

“ZIM took decisive steps to cope with the new reality by cutting costs, finding out-of-the-box operational solutions and switching smoothly to work-from-home mode,” the company’s CEO said.

While the average freight rate per TEU increased by 7.1% at US$1,091, the adjusted net loss of the Israeli shipping firm was US$6 million, cut by US$11.5 million compared to the same period of the last year.

“Even during the peak of the crisis, ZIM was able to introduce and promote advanced digital tools,” commented Glickman who saw the company’s operating cash flow marking a bigger than 40% growth and reaching US$101.6 million.

ZIM’s president seemed optimistic in his conclusion saying that following the current strategy, the Haifa-based company will further strengthen its position.





Latest Posts

Maersk unveils “Trade & Tariff Studio” to simplify customs management

Maersk has launched Maersk Trade & Tariff Studio, an AI-driven customs-management platform. Lars Karlsson, Global Head of Trade & Customs Consulting at Maersk stated that...

Solstad renews partnership with Marlink

Solstad has renewed its long-standing partnership with Marlink to advance its digitalization strategy through to 2028. Under the new agreement, Marlink will deliver SealinkNextGen, a...

KEZAD and Witthal Gulf Industries sign deal to launch recycling plant

Khalifa Economic Zones Abu Dhabi Group has signed a 50-year land lease agreement with Witthal Gulf Industries for the establishment of the country’s first...

Emirates Shipping Line announces new service to Seattle

Emirates Shipping Line has announced its entry into the United States market with the launch of the Sun Chief Express service, a direct, fortnightly...

Port of Long Beach approves $833 million budget

The Long Beach Board of Harbor Commissioners has approved an $833 million budget for fiscal year 2026, nearly half of which will go toward...
error: Content is protected !!