ZIM Integrated Shipping Services Ltd (ZIM) achieved a net income of $3.05 billion so far in the year, more than double of last year’s figures of $1.48 billion.
The Israeli shipping giant made $1.34 billion in net profit for the second quarter of 2022 – a 50 per cent increase on last year’s performance.
Revenues for the second quarter were $3.43 billion, a year-over-year increase of Q2 2021’s figures of 44 per cent.
The staggering numbers were driven by increasing freight rates. Average freight rate per TEU in second quarter was $3,596, a year-over-year increase of 54 per cent.
Despite the booming profit numbers, carried volume in the second quarter was 856,000 TEU, a year-over-year decrease of 7 per cent.
Eli Glickman, ZIM President & CEO, stated: “We reported today strong Q2 results, including net profit of $1.34 billion, as well as our best ever first half-year results with standout margins, among the highest of our liner peers.
“During this period, we maintained our strong execution, agility and commitment to profitable growth as we continue to advance ZIM’s position as an innovative digital leader of seaborne transportation.”
Glickman added that the firm has seen a gradual decline in freight rates, including in the transpacific trades, despite continued port congestion and resilient demand, driven by macroeconomic and geopolitical uncertainties.
The Israeli firm has made several investments on the back of its skyrocketing profits as of late; earlier this month ZIM invested $5.5 million in Hoopo, a provider of tracking solutions for unpowered assets.