• 2019 May 23 18:21

    ZIM Q1 2019 revenues rose 6.0% to $796.2M

    Global shipping company ZIM has announced financial results for the period of three months (Q1) of 2019. The results include:

    • Total revenues in Q1 2019 were $796.2 million, reflecting an increase of 6.0% compared to $751.4 million in Q1 2018
    • In Q1 2019, ZIM carried 668 thousand TEUs (reflecting a decrease of 4.3% compared to Q1 2018)
    • Adjusted EBITDA of $69.3 million in Q1 2019, compared to $27.5 million in Q1 2018
    • Adjusted EBIT of $22.0 million in Q1 2019, compared to a negative Adjusted EBIT of $0.3 million in Q1 2018
    • Adjusted net loss of $17.5 million compared to $26.1 million in Q1 2018
    • Operating cash flow of $59.7 million in Q1 2019, compared to $57.9 million in Q1 2018

    The container shipping industry is dynamic and volatile and has been marked in recent years by instability, characterized by volatility in freight rates and bunker prices, as a result of ever-changing market environment and the extensive activity of mergers and acquisitions that also led to reorganization of the global alliances. The instability and volatility in the market, including significant uncertainties in the global trade, continue to affect the market environment.

    Since the fourth quarter of 2017 and until the second quarter of 2018, freight rates have decreased while bunker prices, as well as charter rates, increased, negatively affecting the industry as a whole. In the second half of 2018, freight rates started to recover, with a slight decrease during the first quarter of 2019, while bunker prices remained highly volatile.

    Confronted with tough business environment, ZIM continued to record improvements and to introduce new services to its customers.

    In September 2018, the Company launched its strategic operational cooperation with the “2M” Alliance (Maersk and MSC), in several lines between Asia and the US East-Coast. During the first quarter of 2019 such cooperation was further extended also in two additional trades: Asia - East Mediterranean and Asia - American Pacific Northwest. Such cooperation agreements enable ZIM to provide its customers with improved product portfolio, larger port coverage and better transit time, while generating cost efficiencies.

    Eli Glickman, ZIM President & CEO, said: “ZIM continues to pursue its strategic goals, and the Q1 2019 results reflect an improvement, achieved against a backdrop of challenging market conditions. The second phase of our strategic cooperation with the 2M Alliance, in the Asia - East Mediterranean and Asia - American Pacific Northwest trades, began during this quarter. This cooperation is expected to create additional cost efficiencies, while enabling significantly upgraded service levels to our customers. Our focus and differentiating advantage remains our multi-service approach, combining best-in-market lines, premium and personal customer service and advanced digital solutions.”

    Financial and Operating Highlights for the Three Months Ended March 31, 2019

    • Total revenues were $796.2 million compared to $751.4 million in Q1 2018, a 6.0% increase
    • ZIM carried 668 thousand TEUs compared to 698 thousand TEUs in Q1 2018, a 4.3% decrease
    • The average freight rate per TEU was $1,019 compared to $938 in Q1 2018, a 8.6% increase
    • Adjusted EBITDA was $69.3 million compared to $27.5 million in Q1 2018
    • EBITDA was $68.0 million compared to $22.6 million in Q1 2018
    • Adjusted EBIT was $22.0 million compared to negative Adjusted EBIT of $0.3 million in Q1 2018
    • EBIT was $18.6 million compared to negative EBIT of $5.2 million in Q1 2018
    • Adjusted net loss was $17.5 million compared to $26.1 million in Q1 2018
    • Net loss was $24.3 million compared to $34.1 million in Q1 2018
    • Operating cash flow was $59.7 million compared to $57.9 million in Q1 2018

    NOTE: As from January 1, 2019 the Company applies IFRS 16 (Leases), resulting in a reduction in the Company’s lease expenses, along with an increase in its depreciation expenses and interest expenses. Accordingly, the comparability of results in prior periods is limited. In addition, as from January 1, 2019 the Company includes its share of profit of associates as part of its Results from operating activities (EBIT), in all reported periods.

    ZIM was established in 1945 and has developed into one of the leading carriers in the global container shipping industry. ZIM is owned by Kenon Ltd (32%) and other financial institutions and shipowners (68%). ZIM’s global reach extends to over 100 countries with a network of global and regional shipping services that connects your business to strategic ports around the world. Complementary services are offered by ZIM’s trusted subsidiaries and affiliates at every stage of the supply chain.




2019 September 23

17:07 Scorpio Bulkers announces the sale of two Ultramax vessels for $37.9 mln
17:06 Lloyd’s Register signs up to Getting to Zero Coalition
16:43 Marseille, France to host EUROMARITIME on 4-6 February 2020
16:28 MAN Energy Solutions joins getting to zero coalition
15:24 Hapag-Lloyd increases rates from North Europe to Middle East and Indian Subcontinent
14:24 Ports of Los Angeles and Long Beach release report on the state of clean cargo-handling equipment technology
14:01 Severnaya Verf starts cutting metal for fourth processing trawler of Project 170701 ordered by NOREBO Group
13:39 ESPO Award jury puts ports of Dover, Dublin, Stockholm and UPF in final competition for Award 2019
13:15 Glander International Bunkering opens 8th office globally in Oslo
13:02 ECOSUBSEA achieves requirements to offer sustainable hull cleaning in the ports of Antwerp and Zeebrugge
12:53 Average wholesale prices for М-100 HFO up to RUB 14,725 in RF spot market
12:31 USPA Supervisory Board discussed corporatisation, integrated audit and dividend reduction
12:08 DNV GL’s Veracity strengthens maritime digitalization with new Asia-Pacific hub
11:50 Workshop in Kenya focused on reducing marine plastic from ships
11:36 Abu Dhabi Ports’ container volume up 82.4% in the first half of 2019
11:29 Regional workshop in Saudi Arabia focused on clean shipping in Red Sea, Gulf of Aden and Gulf
11:04 Vympel Shipyard launches fourth Grachonok-class special purpose boat for Federal National Guard Troops Service
10:26 Brent Crude futures price is up 1.1% to $64.99, Light Sweet Crude – up 1.1% to $58.73
10:08 CMA CGM announces FAK rates from Asia to Red Sea
09:47 Container throughput of port Hong Kong (China) down 7.4% to 12.18 million TEUs in Jan-Aug’2019
09:25 Baltic Dry Index is down to 2,131 points
09:08 DNV GL awards AIPs to DSME for ethylene carrier cargo tank designs
08:49 MABUX: Bunker Market this morning, Sep. 23
08:06 Damen completes maintenance work on Innovation at Damen Verolme Rotterdam

2019 September 22

17:03 Höegh increases its frequency to Australia
16:21 USCG Cutter Seneca offloads more than 12,000 pounds of cocaine in Miami
15:16 Algoma announces agreement to acquire Croatian-built dry-bulk carrier
13:03 Van Oord: Second Sand Motor successfully completed
12:47 Ørsted to pioneer deployment of GE’s next generation offshore wind turbine
11:39 ZPMC orders compressors to pipelay vessel

2019 September 21

16:17 USCG responds to breakaway barges striking I-10 San Jacinto River bridge
15:14 Eastern Shipbuilding launches the C.D WHITE for E.N. Bisso & Son
14:06 Boskalis associate Smit Lamnalco signs first 10-year terminal services contract in Mozambique
12:52 Kongsberg wins first full-scope expedition cruise vessel tender, with gensets and propulsion equipment
11:34 Rauma Shipyard bags Finnish Navy's four corvettes order

2019 September 20

18:41 Vostochny Port joins Coordinating Council on Trans-Siberian Transportation as its permanent member
18:22 IAA PortNews offers photo release from 'Development of Icebreaking and Support Fleet' conference held on NEVA 2019 zero-day
18:05 Global Ship Lease announces new five-year $268 mln credit facility for debt refinancing
17:24 Vostochny Port’s harbour services fleet presented at dedicated conference in Saint-Petersburg
17:05 F. A. Vinnen places entire fleet with Verifavia Shipping & Rina for IHM services
16:50 Helsinki Shipyard (Finland) to build two liners for polar cruises
16:35 COSCO SHIPPING Ports announces disposal of interest in various port assets and possible disposal of Taicang Terminal and Jiangsu Petrochemical Terminal
16:21 ABB presents electric power and propulsion solutions for icebreaking vessels at NEVA 2019
16:05 Port of Los Angeles protects overall clean air gains
15:19 Port of Riga rapidly increases volume of handled wood pellets
14:53 South Korean port to slash passenger vessel emissions with ABB shore power
14:15 Krasnoye Sormovo launches Pola Pelagia, dry cargo carrier of Project RSD59З, for Pola Rise
13:30 Damen Shipyards Group is ready to ensure construction of electric water buses for rivers and canals of Saint-Petersburg and Russia
13:12 MSC Cruises and Fincantieri unveil further details of MSC Seashore at coin ceremony
12:24 Victor Olersky sees promising future of electric river passenger ships in Saint-Petersburg and in Russia
12:09 Algoma Central Corporation announces agreement to acquire Croatian-built vessel
11:28 Specifications for 0.50% sulphur fuels and the PAS from ISO: IBIA explains
11:09 GTT obtains Approval in Principle from Bureau Veritas for the Mark III Flex technology on ice-breaking LNG carriers
10:52 IBIA and S&P Global Platts collaborate to help shipping industry comply with IMO 2020
10:31 Workshop for training on emergency response, preparation and planning held in Manila
10:09 Van Oord and Shell test the use of biofuel on trailing suction hopper dredger HAM 316
09:50 State Duma ratifies Convention on the Legal Status of the Caspian Sea
09:33 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.98% to $58.7
09:25 Lloyd’s Register, China Merchants, GTT, CNOOC, DSIC form jv to design LNG-fuelled VLCC
09:17 Baltic Dry Index is down to 2,192 points