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Zim Q4 profit up 30,433pc as it posts best year in flag carrier's history

ISRAEL's Zim Integrated Shipping Services reversed a US$13 million net loss in 2019 into a $524

23 March 2021 - 19:00
ISRAEL's Zim Integrated Shipping Services reversed a US$13 million net loss in 2019 into a $524.2 million net profit last year, drawn on revenues of $3.99 billion, which rose 21 per cent year on year.

Last year's fourth quarter net profit increased 30,433.3 per cent to $366.4 million year on year, drawn on quarterly revenues of $1.36 billion, which increased 64 per cent.



'Our all-time record results in 2020 and the significant milestones we have achieved year-to-date-2021 represent a truly momentous time for Zim,' said Zim president and CEO Eli Glickman.



'During a global pandemic, we generated our highest net income in the company's 75-year history, underscoring the benefits of our differentiated strategy and our proactive approach to address Covid-19,' he said.



Mr Glickman also noted that the Israeli flag carrier achieved EBIT and EBITDA 'at the high end of our guidance range and continued to achieve industry leading margins'.



The company also announced a long-term chartering agreement for ten 15,000-TEU LNG dual-fuel container vessels, positioning Zim to meet the growing market demand on the Asia-US east coast trade.



'Today, Zim is a revitalised company with new strengths, an invigorated spirit and a promising outlook for operating amid the new realities of shipping,' he said.


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