ZIM Integrated Shipping Services Ltd (ZIM) has posted a net income of $4.21 billion so far this year, surpassing last year’s result of $2.94 billion.
Total revenues were $3.23 billion for the third quarter of 2022, up from $3.14 billion in the third quarter of 2021.
Operating income (EBIT) came at $1.54 billion, compared to $1.86 billion in 2021, resulting from increased costs – primarily bunker costs and vessels chartering – partially offset by higher revenues, according to ZIM.
Net income for the third quarter of 2022 totalled $1.17 billion, compared to $1.46 billion for the third quarter of 2021.
Adjusted EBITDA and adjusted EBIT for the quarter were $1.93 billion and $1.55 billion respectively.
ZIM carried 842,000 TEU Q3 2022, slightly down compared to 884,000 TEU in the same period last year.
As new results came out, total revenues for the first nine months of the year hit $10.37 billion driven by elevated freight rates.
EBIT totalled $5.55 billion in the accounted period, compared to $3.70 billion for the first nine months of 2021.
Adjusted EBITDA was $6.57 billion for the first nine months of 2022, while adjusted EBIT came at $5.56 billion.
The company revised its guidance for the full-year 2022 and now expects to generate Adjusted EBITDA of between $7.4 billion and $7.7 billion and Adjusted EBIT of between $6 billion and $6.3 billion.
“Our third quarter and nine-month 2022 results reflect outstanding execution and elevated profitability,” said Eli Glickman, ZIM President & CEO.
“Driven by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has shifted and the normalisation in freight rates has begun.
“As we remain committed to our global niche strategy focused on attractive trades, we have opened several new services during this time, improving our port coverage to better serve our customers and making our commercial presence more resilient and diversified,” Glickman added.
The new office replaces the current third-party agent, effective 1 November.