ZIM reports financial results for Q3 2023

ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced its consolidated results for the three and nine months ended September 30, 2023.

Net loss for the third quarter was $2,270 million (compared to net income of $1,166 million in the third quarter of 2022), or a diluted loss per share of $18.904 (compared to diluted earnings per share of $9.66 in the third quarter of 2022). Net loss for the quarter was primarily driven by a non-cash impairment loss of $2,063 million
Adjusted EBITDA for the third quarter was $211 million, a year-over-year decrease of 89%
Operating loss (EBIT) for the third quarter was $2,276 million, compared to operating income of $1,544 million in the third quarter of 2022
Adjusted EBIT loss for the third quarter was $213 million, compared to Adjusted EBIT of $1,554 million in the third quarter of 2022
Revenues for the third quarter were $1,273 million, a year-over-year decrease of 61%
Carried volume in the third quarter was 867 thousand TEUs, a slight year-over-year increase
Average freight rate per TEU in the third quarter was $1,139, a year-over-year decrease of 66%
Net leverage ratio2 of 0.9x as of September 30, 2023, compared to 0.0x as of December 31, 2022; net debt of $1,619 million, compared to net cash of $279 million as of December 31, 2022

Founded in Israel in 1945, ZIM is a global container liner shipping company with established operations in more than 90 countries serving approximately 34,000 customers in over 300 terminals worldwide.