ZIM’s EBITDA grows 168% to top US$1 billion in 2020.
ZIM Integrated Shipping has announced a very strong result for Q4 2020 and FY 2020. The carrier is now firmly operating in the black, producing a net income for the full year of US$524.2M (compared to a loss of US$13M for FY 2019). ZIM’s average freight rate per TEU hit $1,518 in Q4, compared to $1,017 in Q4 2019. The highlights of ZIM’s 2020 results are presented in the table below.
ZIM listed on the NYSE in February 2021, and Mr. Yair Seroussi, Chairman of the Board of Directors said the listing has been a success. “ZIM’s IPO earlier this year was the culmination of many months of hard work and dedication by ZIM’s management and employees in collaboration with the Board of Directors and marks the successful turnaround the Company has undergone over the past few years. We are very pleased with the financial results released today, our first as a public company, and believe that they are proof of the exceptional human capital at ZIM. Moreover, these capabilities will continue to drive ZIM’s future growth and success.”
“We commenced 2021 by becoming the first global container liner to list on the NYSE, highlighting our success creating a leading asset-light shipping liner at the forefront of digitization,” Eli Glickman, ZIM President & CEO, added. “Following our IPO, we also announced a strategic long-term chartering agreement for ten 15,000 TEU LNG dual-fuel container vessels, positioning ZIM to meet the growing market demand on the Asia - US East Coast trade and advance our leadership in addressing environmental and sustainability issues.
“Today, ZIM is a revitalized company with new strengths, an invigorated spirit and a promising outlook for operating amid the new realities of shipping. Combined with our dedicated team of professionals and commitment to utilizing big data and technology, we remain well positioned to enhance our customer experiences, capitalize on favourable industry fundamentals, and maximize long-term profitability. In 2021, as per the guidance we provide, we expect to continue our positive trajectory, achieving significant Adjusted EBITDA and Adjusted EBIT growth and maintaining industry leading margins. We also intend to further harness our “Startup Nation” DNA based on innovation and technological collaborations to continue to develop growth engines that provide us additional revenue streams beyond our traditional shipping business.”
The market, however, might have been expecting more. ZIM’s stock price had run up almost 90% over the last six weeks to a high of over $28. It fell back to $26.50 after the results announcement.