ZIM increases annual sales with a slight decline in containers

Israel-based container line ZIM Integrated Shipping Services has released its operating and financial results for the full year ended December 31, 2022.

ZIM saw a 3% year-on-year decline in container volume, handling 3.38 million TEUs in 2022.

The Haifa-headquartered company found that the average freight cost per TEU was $3,240 in 2022, compared to $2,786 in 2021, a 16% year-over-year increase.

This is the primary reason ZIM’s total revenue for all of 2022 was $12.5 billion, up from $10.7 billion last year. In addition, the shipping company’s operating profit (earnings before interest and taxes, EBIT) was $6.1 billion.

“Operating results for the full year benefited from higher freight rates, partially offset by higher fuel and vessel charter costs,” commented a ZIM official.

Additionally, ZIM reported relatively flat total net income of $4.6 billion in 2022, while the company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $7.5 billion.

“2022 was an exceptional year for ZIM as we benefited from both our differentiated strategy and the attractive market and delivered record full-year adjusted EBITDA and EBIT results. Returning cash to shareholders remains a priority for our company, and we are pleased to have leveraged our strong performance to deliver a dividend of approximately $769 million, or $6.40, for the fourth quarter to be distributed per share. Overall, we will provide shareholders with $2.04 billion in dividends, representing approximately 44% of total net income in 2022,” said Eli Glickman, President and CEO of ZIM.

Related Articles

Back to top button