Israeli shipping giant ZIM has revealed in its Q3 results that it recorded an adjusted net profit of US$51.3 million in the nine months ended September 30, 2017 compared to adjusted net loss of $151.3M in the comparable period of 2016.
In Q3 2017, ZIM carried 688,000 TEU, an all-time record (reflecting a growth of 10.6% compared to Q3, 2016)
Results also show adjusted EBITDA of $89.2 million in Q3, 2017, compared to $10.5 million in Q3, 2016
Total revenue was $816.7 million in Q3, 2017, a 26.8% increase on Q3, 2016.
Zim released a statement reading: “The industry is starting to stabilize after the major changes it has gone through, with reshaping of the alliances and M&A’s activities that took place during the recent years.
“We saw a positive trend in the industry in the last four quarters, however, market conditions remained challenging and volatile.
“ZIM continues to outperform the industry and achieve encouraging results. The results of ZIM in Q3 2017 and the nine months ended September 30, reflect a continuous improvement in the company’s performance.”
Zim recently made news after breaking new ground in developing blockchain for shipping after a pilot used the technology to carry out a paperless bills-of-lading.
Regarding the Q3 report, Eli Glickman, ZIM President & CEO, said: “ZIM’s encouraging Q3 results are a cause for optimism, and we hope they reflect a momentum that we can keep up in the coming quarters; however, we still face many challenges, including the uncertainty of market conditions, including freight rates and bunker prices.
“I believe we are on the right track, as we continue to outperform the industry thanks to our unrelenting focus on profitability, efficiency and a customer-orientated approach.
“We are currently in the process of finalizing our 2018 budget, designed at increasing the pace of our strategy implementation and embracing fresh technological initiatives, as part of our vision to offer our customers new and best-in-market services.”