14.2 C
Hamburg
Tuesday, July 7, 2020
Home Most Visited 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.

- Advertisment - LR Sustainability Decarbonisation Digital Adverts

Latest Posts

MSC joins technology and digitalisation maritime group

MSC (Mediterranean Shipping Company) has joined the Smart Maritime Network, an industry membership group focused on increasing the compatibility, standardisation and harmonisation of the...

US exporters more likely to misdeclare dangerous cargo says NCB

In a recent survey of US export containers the National Cargo Bureau (NCB) found that 38% of containers had misdeclared cargo, according to a...

BoxBay real-life test operations to launch this summer

DP World, the Dubai-based logistics company, has completed the assembly of the world’s first container High Bay Store system (HBS) at Jebel Ali Port. BoxBay...

Seoul mandates comprehensive freight disclosures

South Korea's Ministry of Oceans and Fisheries (MOF) has acted to improve the transparency of container freight charges so that shippers will be better...

COSCO to develop blockchain solutions with Alibaba group

China COSCO Shipping Corporation has signed a collaboration agreement with compatriot e-commerce giant Alibaba and the latter’s fintech affiliate, Ant Financial Services Group (formerly...