ZIM fourth quarter profit falls 76%

Fourth quarter net income of $417m in Q4 2022 compared to $1.71bn in Q4 2021, while annual profit remained around the same level - $4.63bn compared to $4.65bn in 2021.

Underpinning the sustained full year profit, despite the Q4 slump, was an average freight rate per teu of $3,240 for the full year 2022, up 16% on the 2021 figure. The average freight rate in the fourth quarter was $2,122, a year-over-year decrease of 42%.

Eli Glickman, ZIM President & CEO, 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 a full year adjusted EBIT of between $100m and $500m, compared to EBIT of $6.14bn in 2022.

ZIM carried 823,000 teu in the fourth quarter 2022, down 4% on-year, while full year volumes were down 3% at 3.38m teu.

“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. 

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