ZIM reports improved revenues of $1.93 billion in Q2 2024

HAIFA : ZIM Integrated Shipping Services Ltd. (ZIM) has reported its consolidated results for the three and six months of the year. In the second quarter, net income was $373 million, compared to a loss of $213 million in Q2 2023. This resulted in diluted profits per share of $3.084, compared to a loss of $1.79 in Q2 2023.

Adjusted EBITDA for the second quarter was $766 million, a year-over-year (YoY) increase of 179 per cent. The second quarter’s operational income (EBIT) was $468 million, compared to a $168 million loss in Q2 2023. Adjusted EBIT was $488 million in the second quarter, up from a loss of $147 million in the second quarter of 2023.

ZIM disclosed that total revenues for the second quarter were $1.93 billion, up 48 per cent from the previous year. In the second quarter, carried volume reached 952,000 TEU, an 11 per cent increase over the previous year. In the second quarter, the average freight charge per TEU was $1,674, representing a 40 per cent YoY increase.

As of 30 June 2024, the net debt was $3.25 billion, up from $2.31 billion in December 2023. The net leverage ratio was 2.0x, compared to 2.2x in December 2023.

Eli Glickman, ZIM President and CEO, said: “The steps we have taken to upscale our capacity and enhance our cost structure continued to drive strong financial results. We generated a net income of $373 million, as we drew on our differentiated strategy and agility while capitalising on sustained market strength.

“Aligned with our prioritisation of returning capital to shareholders, we declared a dividend of $0.93 per share, or $112 million, representing 30 per cent of second-quarter net income.”

In June, ZIM launched a new service linking Central China to the US West Coast.