The Israeli carrier’s revenues in 2018 were US$3.248B, the highest in the last four years, and up 9.1% compared to 2017. It also lifted a record number of containers
Total revenues in Q4 2018 were US$852.6M, again the highest in four years, and 12.11% up on Q4 2017.
During 2018, ZIM carried 2,914,000 EU, an all-time record and 10.8% ahead of 2017.
Operating cash flow was US$225M in 2018, compared to US$230.9M in 2017. Adjusted EBITDA was US$145.3M in 2018, compared to US$270.1M in 2017. Net loss was US$119.9M (including an impairment loss of US$38M with respect to vessels classified as held-for-sale), compared to net profit of US$11.4M in 2017.
Reporting its results, ZIM stated: "The container shipping industry is dynamic and volatile and has been marked in recent years by instability, as a result of continued deterioration of market environment. Furthermore, the liner industry went through major developments and structural changes which include reshaping of the alliances and M&A activities that took place over recent years. The instability and volatility in the market, including significant uncertainties in the global trade, continue to affect the market environment.
"Since Q4 2017 and until Q2 2018, freight rates have decreased while bunker prices, as well as charter rates, increased, negatively affecting the industry as a whole. In H2 2018, freight rates started to recover, while bunker prices remained highly volatile, though overall decreased."
Eli Glickman, ZIM President & CEO referred to the strategic operational cooperation with the 2M Alliance.
"The agreements," he said, "enable ZIM to offer better product and service portfolio to our customers, and cope with the volatile freight rates and fuel prices. We were able to achieve improved cost efficiencies while significantly increasing the transported volumes. At the same time, we continue to put our customer service at the centre."