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Monday, 13/03/2023, 15:13 (GMT +7)
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ZIM's profit drops 76% in Q4 2022
Israel's ZIM container shipping company is the latest to announce its 2022 results, further showing the sharp decline in freight rates and profits in the fourth quarter of 2022.
Container ships of ZIM (Photo: Fleetmon)
ZIM's net profit for the fourth quarter of 2022 reached $417 million, down sharply from $1.71 billion in the fourth quarter of 2021, while annual profit still came in at $4.63 billion - roughly equal at the old level of $4.65 billion reached in 2021.
Full-year profit remained stable, despite the decline in Q4, due to an average freight rate per TEU of $3,240 for the full year of 2022, up 16% from 2021 figures. The average in the fourth quarter was 2,122 USD, down 42% compared to the same period last year.
Eli Glickman, President & CEO of ZIM, said: “While macroeconomic uncertainties, the precipitous decline in freight rates over the past few months and the supply-demand imbalance continue to drive a challenging near-term outlook for container shipping, we are confident in ZIM’s strategy and believe we will generate positive EBIT in 2023."
ZIM forecasts full-year adjusted EBIT between $100 million and $500 million, compared with an EBIT of $6.14 billion in 2022.
ZIM shipped 823,000 TEUs in the fourth quarter of 2022, down 4% year-on-year, while full-year output fell 3% at 3.38 million TEUs.
“In 2023 and beyond, our focus on leveraging digital strategies, operating a high-quality sustainable fleet, and further implementing our global niche strategy positions us well to best serve our customers and generate long-term sustainable value for our shareholders,” said Glickman.
Read more:
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- ZIM profits more than USD 4.2 billion in the first 9 months of 2022
Source: Phaata.com (According to Seatrade-Maritime)
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