ZIM posts net loss of $58 million in Q1 2023
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), a global container liner shipping company, announced today its consolidated results for the three months ended March 31, 2023.
Total revenues were $1.37 billion for the first quarter of 2023, compared to $3.72 billion for the first quarter of 2022.
ZIM carried 769 thousand TEUs in the first quarter of 2023, compared to 859 thousand TEUs in the first quarter of 2022. The average freight rate per TEU was $1,390 for the first quarter of 2023, compared to $3,848 for the first quarter of 2022.
Operating loss (EBIT) for the first quarter of 2023 was $14 million, compared to operating income of $2,243 million for the first quarter of 2022, resulting mainly from the decrease in freight rates as well as carried volume.
Net loss for the first quarter of 2023 was $58 million, compared to net income of $1,711 million for the first quarter of 2022.
Adjusted EBITDA was $373 million for the first quarter of 2023, compared to $2,533 million for the first quarter of 2022. Adjusted EBIT loss was $14 million for the first quarter of 2023, compared to Adjusted EBIT of $2,243 million for the first quarter of 2022. Adjusted EBITDA and Adjusted EBIT margins for the first quarter of 2023 were 27% and -1%, respectively. This compares to 68% and 60% for the first quarter of 2022, respectively.
ZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $353 million from $4.60 billion as of December 31, 2022 to $4.25 billion as of March 31, 2023.
Founded in Israel in 1945, ZIM is a global container liner shipping company with established operations in more than 90 countries serving approximately 34,000 customers in over 300 ports worldwide.
