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ZIM to earn $8bn in 2022, reports record Q1 earnings

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Logistics Update Africa News
ZIM to earn $8bn in 2022, reports record Q1 earnings

 Israeli carrier ZIM Integrated Shipping Services has increased its 2022 guidance and is expected to earn an EBITDA of $7.8-8.2 billion. NYSE-listed ZIM reported its highest ever quarterly net income of $1.7 billion on doubling of average freight rate and higher carried volume. The carrier reported revenue of $3.76 billion, up 113 percent from Q12021, according to an official statement. "Carried volume in the first quarter was 859 thousand TEUs, a year-over-year increase of 5 percent. Average freight rate per TEU in the first quarter was $3,848, a year-over-year increase of 100 percent," the statement added.


Eli Glickman, President & CEO, ZIM. "Building on an extraordinary 2021 for ZIM, we maintained our strong trajectory in the first quarter of 2022, delivering on our commitment to outstanding execution and profitable growth," says Eli Glickman, President & CEO, ZIM. "Driven by the proactive strategies we have implemented to capitalise on both the highly attractive market and ZIM's differentiated strategy, we once again generated our highest-ever quarterly revenues, net income and adjusted EBITDA, while achieving industry-leading margins.


"Consistent with our focus on identifying new profitable market opportunities, we have launched 10 new lines since the beginning of 2022, and we increased our carried volume quarter-over-quarter during a time when overall industry volume decreased. Our balance sheet remains very strong, with a positive net cash position combined with shareholder equity of approximately $4.3 billion at the end of the quarter."


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