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ZIM reports near-half container increase for 2Q 2021

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ZIM Integrated Shipping Services Ltd (ZIM) carried 921,000 TEU in the second quarter of 2021, an increase of nearly half on 2020 levels.

The 44% year-on-year (YoY) surge meant that net income for the second quarter was $888 million, compared to $25 million in 2020.

The quarterly net income was the highest ever for the Israeli shipping line, giving the company an adjusted EBITDA of between $4.8 billion and $5.2 billion for 2021.

Revenues for the second quarter were $2.38 billion, compared to $795 million in the second quarter of 2020, a year-on-year increase of 200%.

Eli Glickman, ZIM President and CEO, stated, “I’m very proud to say that our outstanding performance and all-time record results, which have positioned us to create significant shareholder value, are a testament to the proactive strategies we have implemented to capitalise on both the highly attractive market and ZIM’s differentiated approach.

“We continue to execute at the highest level, resulting in another record quarter, including net income, EBITDA and operating cash flow, as well as significantly improved guidance for 2021.”

ZIM expects its second half results to exceed 2021’s first half results, as shipping lines continue to see record profits driven by increased e-commerce demand and restricted container supply globally.

“Looking ahead, based on our strong outlook and forward visibility, we are well positioned to return substantial capital to shareholders, with our expected 2022 dividend payout of 30%-50% of 2021 net income, on top of the $238 million, or $2.00 per share, special dividend payable in September 2021,” Glickman noted.

“Our outlook for the remainder of 2021 and into 2022 is very positive and we are excited about our strategy to further enhance our position as an innovative digital leader of seaborne transportation and logistics services.”

In July 2021, ZIM announced a new strategic long-term chartering agreement with Seaspan for ten 7,000 TEU “green” LNG-fueled vessels, with an option for the long-term charter of five additional vessels.

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