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ZIM records all-time highest Q3 performance

ZIM has presented its highest ever performance in the third quarter, according to Eli Glickman, the company's president and CEO, who expects equivalent results in the last quarter of the year.

The Israeli carrier has announced a net profit of US$144.4 million in the third quarter, compared to US$5 million in the same period last year, and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$262.1 million, an increase of 145.4% compared to 2019 Q3.

"This remarkable and exceptional achievement stems from our long-term strategy and vision," pointed out Glickman.

It is important to say that ZIM has succeded to achieve a record financial results in a quarter that saw its total volumes fall to 2.042 million TEU, 3.9% lower compared to Q3 2019.

The ZIM CEO said that "while market conditions were favorable in some trades, we are still facing the challenges of the pandemic, and market volatility remains high. Nevertheless, our agile response to market developments enabled us to perform better than ever in the current ‘new reality’ and deliver these excellent results."

Additionally, the Haifa-based shipping line has achieved to mark outstanding growth in both revenues and operating cash flow of 20.3% and 55.6% respectively. ZIM's 2020 Q3 revenues exceeded US$1 billion, while its operating cash flow reached US$245 million.

It is worth mentioning that all the above figures are all-time records for the Israeli shipping firm, apart from the revenues, which are the highest for the last eight years.

Glickman added that ZIM has accelerated its digitalisation processes during the ongoing pandemic period in order to harness its technological and innovative expertise to shipping-related fields.

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