Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

ZIM Q1 freight rates up over 75%

Photo: ZIM Line 3455 side view portAVS.jpg
Average freights rates at container line ZIM were $1,925 per teu in the first quarter 2021, a 76% increase over the same period last year.

The increased freight rate was boosted by a 28% increased in volumes, with 818,000 teu carried in the quarter. Revenue more than doubled from $823 mln in Q1 220 to $1,744 mln in Q1 2021.

The improved performance helped ZIM record a $589.6 mln first quarter profit, compared to a $11.9 mln loss in the same period in 2020.

During the quarter, ZIM signed a billion dollar deal with Seaspan to charter dual-fuel LNG container ships to be built at Samsung Heavy Industries. ZIM also completed its IPO in January; the stock price fell short of its expected range and size, but shares have since tripled in price. 

The company increased its full-year guidance to an adjusted EBITDA of $2.5-$2.8 bln, and adjusted EBIT of $1.85-$2.15bln.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish