MSC announces standalone East/West network, forges ties with ZIM
NewsMSC moves forward with standalone East/West trade network as Maersk advances the Gemini Cooperation with Hapag Lloyd.
Net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion (compared to a net profit of $4.63 billion for the full year of 2022).
ZIM Integrated Shipping Services Ltd., a global container liner shipping company with headquarters in Israel, announced today its consolidated results for the three and twelve months ended December 31, 2023.
Here are the Q4 and full year 2023 highlights, shared from the ZIM’s website:
Eli Glickman, ZIM President & CEO, stated: “Against a backdrop of weakened market conditions, industry disruptions and operational challenges in 2023, ZIM’s exceptional team of professionals remained resilient and intently focused on achieving operational excellence and delivering the highest level of care for our valued customers. At the same time, we made significant progress advancing our strategic transformation and are pleased to have already started to realize the favourable outcomes we projected. Specifically, we are well on our way to markedly improving our cost structure, enhancing our commercial resilience, and enabling reduced carbon emissions for both ZIM and our customers moving forward.”
Mr. Glickman added: “Our fleet renewal program, which includes 46 newbuild containerships, focuses on shifting ZIM’s reliance on older, less fuel-efficient vessels to a cost and fuel-efficient, more sustainable and largely LNG-powered newbuild fleet, and is progressing as planned following the delivery of 24 new vessels to date. Our cost per TEU is declining and we anticipate additional improvements as our 22 outstanding new builds are delivered during the remainder of the year. We continue to review our services to best address customers’ evolving needs and position ZIM to capitalize on attractive growth opportunities.”
Mr. Glickman concluded: “During a time when the market remains volatile, our strong cash position will enable us to continue to maintain a long-term view as we focus on generating sustainable value for both customers and shareholders. Looking ahead, we intend to continue to take decisive steps to further benefit from our strategic transformation and expect ZIM to emerge in a stronger position than ever in 2025 and beyond.”
Read the full report HERE.