ZIM announces Q3 2018 results
ZIM has announced results for Q3 2018. In September 2018, the Company launched its strategic operational cooperation with the “2M” Alliance. According to this cooperation, the Company and the parties of the 2M Alliance (Maersk and MSC) operate together certain lines between Asia and the US East-Coast, enabling ZIM to provide its customers with improved port coverage and transit time, while generating cost efficiencies.
Eli Glickman, ZIM President & CEO, said: “Q3 2018 was characterized by freight rates increase and the continued rise in fuel costs. ZIM’s Q3 results reaffirm ZIM’s approach of coping with a challenging and volatile business environment. Our strategic operational cooperation with the 2M Alliance in the Asia-US trade is beginning to contribute to our overall results, and we expect it to bear more fruits in the coming quarters. We have a clear path forward, and we remain committed to excellent customer service, as well as providing innovative quality solutions for our customers.”
Financial and Operating Highlights for the Three Months Ended September 30, 2018
Total revenues were $840.7 million compared to $816.7 million in Q3 2017, a 2.9% increase
ZIM carried 730 thousand TEUs compared to 688 thousand TEUs in Q3 2017, a 6.1% increase
The average freight rate per TEU was $1,006 compared to $1,058 in Q3 2017, a 4.9% decrease
Adjusted EBITDA was $48.8 million compared to $89.2 million in Q3 2017
EBITDA was $44.3 million compared to $83.6 million in Q3 2017
Adjusted EBIT was $20.6 million compared to $61.8 million in Q3 2017
EBIT was $16.1 million compared to $53.8 million in Q3 2017
Adjusted net profit was $1.3 million compared to $36.2 million in Q3 2017
Net loss was $6.6 million compared to net profit of $25.2 million in Q3 2017
Operating cash flow was $54.1 million compared to $46.4 million in Q3 2017
Financial and Operating Highlights for the Nine Months Ended September 30, 2018
Total revenues were $2,395.3 million compared to $2,217.4 million in 1-9 2017, a 8.0% increase
ZIM carried 2,200 thousand TEUs compared to 1,945 thousand TEUs in 1-9 2017, a 13.1% increase
The average freight rate per TEU was $950 compared to $1,008 in 1-9 2017, a 5.8% decrease
Adjusted EBITDA was $97.5 million compared to $216.7 million in 1-9 2017
EBITDA was $78.6 million compared to $197.7 million in 1-9 2017
Adjusted EBIT was $14.1 million compared to $136.2 million in 1-9 2017
EBIT was negative $4.8 million compared to EBIT of $114.8 million in 1-9 2017
Adjusted net loss was $45.4 million compared to adjusted net profit of $51.3 million in 1-9 2017
Net loss was $73.9 million compared to net profit of $21.1 million in 1-9 2017
Operating cash flow was $164.6 million compared to $169.2 million in 1-9 2017
About ZIM: Since 1945, ZIM provides creative operational and logistical solutions to customers. Over the years ZIM has grown to become a leading force in the shipping industry.
