AS one of the most closely watched container shipping company throughout the Red Sea crisis, Israeli container shipping company zim Integrated Shipping Services Ltd (ZIM), has posted total revenues of US$1.93 billion for the second quarter of the year, up from $1.31 billion in Q2 last year.
The Q2 revenues were driven mainly by higher freight rates and increased volumes, reports Ventura, California's gCaptain.
ZIM transported 952,000 TEU in Q2, compared to 860,000 TEU in the same quarter last year, with the average freight rate per TEU rising to $1,674 from $1,193.
'We are pleased with our strong second quarter performance, highlighted by outstanding strategic execution that led to a record high carried volume, representing 11 per cent growth year over year. The steps we have taken to upscale our capacity and enhance our cost structure continued to drive strong financial results,' said Eli Glickman, ZIM president & CEO.
Mr Glickman added that ZIM's strategic increase in spot market exposure in the Transpacific trade has allowed the company to benefit from sustained high rates.
ZIM reported an operating income of $468 million for Q2, a significant improvement from a $168 million loss in Q2 last year, primarily due to increased revenues.
Net income in the second quarter was $373 million, compared to a net loss of $213 million in the same period last year.
For the first half of 2024, ZIM's total revenues increased to $3.49 billion, driven by higher freight rates and carried volume.
The company carried 1.79 million TEU with an average freight rate of $1,569 per TEU.
Operating income rose to $635 million, and net income reached $465 million, both significant improvements from the previous year's losses.
ZIM has also updated its full-year 2024 guidance, now expecting Adjusted EBITDA between $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion, significantly higher than its previous estimates $1.15-$1.55 billion and $0-$400 million, respectively.
'We expect our results in the second half of 2024 to be better than in the first half of the year, driven by continued supply pressure from the Red Sea crisis, combined with current favourable demand trends,' said Mr Glickman.
SeaNews Turkey
The Q2 revenues were driven mainly by higher freight rates and increased volumes, reports Ventura, California's gCaptain.
ZIM transported 952,000 TEU in Q2, compared to 860,000 TEU in the same quarter last year, with the average freight rate per TEU rising to $1,674 from $1,193.
'We are pleased with our strong second quarter performance, highlighted by outstanding strategic execution that led to a record high carried volume, representing 11 per cent growth year over year. The steps we have taken to upscale our capacity and enhance our cost structure continued to drive strong financial results,' said Eli Glickman, ZIM president & CEO.
Mr Glickman added that ZIM's strategic increase in spot market exposure in the Transpacific trade has allowed the company to benefit from sustained high rates.
ZIM reported an operating income of $468 million for Q2, a significant improvement from a $168 million loss in Q2 last year, primarily due to increased revenues.
Net income in the second quarter was $373 million, compared to a net loss of $213 million in the same period last year.
For the first half of 2024, ZIM's total revenues increased to $3.49 billion, driven by higher freight rates and carried volume.
The company carried 1.79 million TEU with an average freight rate of $1,569 per TEU.
Operating income rose to $635 million, and net income reached $465 million, both significant improvements from the previous year's losses.
ZIM has also updated its full-year 2024 guidance, now expecting Adjusted EBITDA between $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion, significantly higher than its previous estimates $1.15-$1.55 billion and $0-$400 million, respectively.
'We expect our results in the second half of 2024 to be better than in the first half of the year, driven by continued supply pressure from the Red Sea crisis, combined with current favourable demand trends,' said Mr Glickman.
SeaNews Turkey