ZIM Integrated Shipping Services Ltd., a global container liner shipping company, has announced its consolidated results for the three months ended March 31, 2024.
First Quarter 2024 highlights
- Net income for the first quarter was $92 million (compared to a net loss of $58 million in the first quarter of 2023), or a diluted earnings per share of $0.753 (compared to diluted loss per share of $0.50 in the first quarter of 2023).
- Adjusted EBITDA for the first quarter was $427 million, a year-over-year increase of 14%.
- Operating income (EBIT) for the first quarter was $167 million, compared to operating loss of $14 million in the first quarter of 2023. Reconciliation items between operating income and Adjusted EBIT in the first quarter of each year were negligible.
- Revenues for the first quarter were $1.56 billion, a year-over-year increase of 14%.
- Carried volume in the first quarter was 846 thousand TEUs, a year-over-year increase of 10%.
- Average freight rate per TEU in the first quarter was $1,452, a year-over-year increase of 4%.
- Net debt of $3.11 billion as of March 31, 2024, compared to $2.31 billion as of December 31, 2023; net leverage ratio1 of 2.8x at March 31, 2024, compared to 2.2x as of December 31, 2023.
Eli Glickman, ZIM President & CEO, stated, "We are pleased with the current positive momentum in our business. ZIM's solid first quarter results illustrate the incremental benefits from our strategic transformation and the outstanding execution of the ZIM team worldwide, as well as a significant improvement in global freight rates. Having taken important steps to revamp our fleet and enhance our cost structure, which exceeded our expectations, we delivered profitable growth in Q1 2024, as ZIM generated net income of $92 million. Per our dividend policy, we declared a dividend of $0.23 per share, or $28 million, representing 30% of quarterly net income."
Financial and operating results for the First Quarter ended March 31, 2024
Total revenues were $1,562 million for the first quarter of 2024, compared to $1,374 million for the first quarter of 2023, mainly driven by the increase in freight rates and carried volume.
ZIM carried 846 thousand TEUs in the first quarter of 2024, compared to 769 thousand TEUs in the first quarter of 2023. The average freight rate per TEU was $1,452 for the first quarter of 2024, compared to $1,390 for the first quarter of 2023.
Operating income (EBIT) for the first quarter of 2024 was $167 million, compared to operating loss of $14 million for the first quarter of 2023. The increase was driven primarily by the above-mentioned increase in revenues.
For more information: 
Avner Shats
ZIM Integrated Shipping Services Ltd.
Tel.: +972-4-865-2520
Email: [email protected]