skip to Main Content
ZIM Reports Improved Q2 2020 Financials

ZIM reports improved Q2 2020 financials

Source: Port of Haifa
ZIM Q2 2020 results – August 19, 2020 The container shipping industry is dynamic and volatile and has been marked in recent years by instability of market environment, also due to USA-China related trade restrictions. Moreover, the recent Covid-19 pandemic outbreak has significantly impacted global economies, resulting in reduced demand and spending across many sectors, adversely affecting the volume of trades, while also decreasing bunker
prices and charter rates. Confronted with this challenging and unprecedented business environment, ZIM continued to expand its global network to its customers and to improve its commercial and financial performance, resulting in strong financial and operational results in the second quarter of 2020. Eli Glickman, ZIM President & CEO, said: “I’m very pleased to report a significant improvement in ZIM’s performance, compared to the same period in 2019. In Q2 2020 we have delivered our best results in a decade, which we believe stem from our overall strategy. Combined with our vision and values, and the unique abilities of our people, it yielded these great and encouraging results. The decreasing charter and fuel rates, as well as the freight rate levels, also had a positive impact on the results. However, it’s important to note that this accomplishment has been achieved while we were facing the ongoing formidable challenges posed by the global pandemic. During the first half of 2020 we continued to introduce innovative services to customers, to cater for market demands. Our agile response and strong initiatives were very well received by shippers. We also continued to broaden our array of digital tools, improving the way we do business with our customers. Our constant efforts to become the most customer-oriented company in the industry gained the trust of our customers and business partners and proves to be a winning strategy for the benefit of all.”   Financial and Operating Highlights for the Three Months Ended June 30, 2020 Adjusted net profit was $32.9 million compared to $3.0 million in Q2 2019, a 997% increaseNet profit was $25.3 million compared to $5.1 million in Q2 2019, a 394% increaseTotal revenues were $795.1 million compared to $834.3 million in Q2 2019, a 4.7% decreaseZIM carried 641 thousand TEUs compared to 731 thousand TEUs in Q2 2019, a 12.3% decrease  The average freight rate per TEU was $1,071 compared to $993 in Q2 2019, a 7.9% increaseAdjusted EBITDA was $145.1 million compared to $94.4 million in Q2 2019EBITDA was $145.0 million compared to $102.0 million in Q2 2019Adjusted EBIT was $72.7 million compared to $38.7 million in Q2 2019 EBIT was $68.8 million compared to $44.2 million in Q2 2019Operating cash flow was $119.8 million compared to $64.1 million in Q2 2019 Financial and Operating Highlights for the Six Months Ended June 30, 2020 Adjusted net profit was $26.9 million compared to Adjusted net loss of $14.5 million in 1-6 2019Net profit was $13.4 million compared to Net loss of $19.2 million in 1-6 2019Total revenues were $1,618.3 million compared to $1,630.5 million in 1-6 2019, a 0.7% decreaseZIM carried 1,280 thousand TEUs compared to 1,398 thousand TEUs in 1-6 2019, a 8.4% decrease  The average freight rate per TEU was $1,081 compared to $1,005 in 1-6 2019, a 7.6% increaseAdjusted EBITDA was $242.3 million compared to $163.7 million in 1-6 2019EBITDA was $242.0 million compared to $170.0 million in 1-6 2019Adjusted EBIT was $99.9 million compared to $60.7 million in 1-6 2019 EBIT was $93.7 million compared to $62.8 million in 1-6 2019Operating cash flow was $221.3 million compared to $123.8 million in 1-6 2019  Zim Integrated Shipping Services Ltd., commonly known as ZIM, is an Israeli international cargo shipping company in Israel, and one of the top-20 global carriers. The company’s headquarters are in Haifa. Source: ZIM

To continue reading please subscribe or log in.

PortSEurope offers an English-language daily coverage from over 200 ports in the Mediterranean, Black and Caspian Seas as well as a fully indexed and easily searchable database with more than 15,000 articles.

Subscribe now
Back To Top