On May 21, 2024, ZIM Integrated Shipping Services Ltd. reported a significant turnaround in its financial performance for the first quarter of 2024, with a net income of $92 million compared to a net loss of $58 million in the same period the previous year. The company's revenues rose to $1.56 billion, marking a 14% increase year-over-year, driven by a 10% increase in carried volume and a 4% rise in average freight rate per TEU. Adjusted EBITDA reached $427 million, up 14% from the first quarter of 2023, and operating income (EBIT) was $167 million, a substantial improvement from an operating loss of $14 million in the prior year's quarter. ZIM also declared a dividend of $28 million, or $0.23 per share, and raised its full-year 2024 guidance for Adjusted EBITDA to...Show More

On May 21, 2024, ZIM Integrated Shipping Services Ltd. reported a significant turnaround in its financial performance for the first quarter of 2024, with a net income of $92 million compared to a net loss of $58 million in the same period the previous year. The company's revenues rose to $1.56 billion, marking a 14% increase year-over-year, driven by a 10% increase in carried volume and a 4% rise in average freight rate per TEU. Adjusted EBITDA reached $427 million, up 14% from the first quarter of 2023, and operating income (EBIT) was $167 million, a substantial improvement from an operating loss of $14 million in the prior year's quarter. ZIM also declared a dividend of $28 million, or $0.23 per share, and raised its full-year 2024 guidance for Adjusted EBITDA to between $1.15 billion and $1.55 billion, with Adjusted EBIT expected to be between $0 and $400 million. The company attributes its strong results to strategic transformations, fleet enhancements, and an improved freight rate environment. ZIM's President & CEO, Eli Glickman, expressed confidence in the company's strategic positioning and its ability to achieve volume growth targets and maintain profitability.