• 2019 May 23 18:21

    ZIM Q1 2019 revenues rose 6.0% to $796.2M

    Global shipping company ZIM has announced financial results for the period of three months (Q1) of 2019. The results include:

    • Total revenues in Q1 2019 were $796.2 million, reflecting an increase of 6.0% compared to $751.4 million in Q1 2018
    • In Q1 2019, ZIM carried 668 thousand TEUs (reflecting a decrease of 4.3% compared to Q1 2018)
    • Adjusted EBITDA of $69.3 million in Q1 2019, compared to $27.5 million in Q1 2018
    • Adjusted EBIT of $22.0 million in Q1 2019, compared to a negative Adjusted EBIT of $0.3 million in Q1 2018
    • Adjusted net loss of $17.5 million compared to $26.1 million in Q1 2018
    • Operating cash flow of $59.7 million in Q1 2019, compared to $57.9 million in Q1 2018

    The container shipping industry is dynamic and volatile and has been marked in recent years by instability, characterized by volatility in freight rates and bunker prices, as a result of ever-changing market environment and the extensive activity of mergers and acquisitions that also led to reorganization of the global alliances. The instability and volatility in the market, including significant uncertainties in the global trade, continue to affect the market environment.

    Since the fourth quarter of 2017 and until the second quarter of 2018, freight rates have decreased while bunker prices, as well as charter rates, increased, negatively affecting the industry as a whole. In the second half of 2018, freight rates started to recover, with a slight decrease during the first quarter of 2019, while bunker prices remained highly volatile.

    Confronted with tough business environment, ZIM continued to record improvements and to introduce new services to its customers.

    In September 2018, the Company launched its strategic operational cooperation with the “2M” Alliance (Maersk and MSC), in several lines between Asia and the US East-Coast. During the first quarter of 2019 such cooperation was further extended also in two additional trades: Asia - East Mediterranean and Asia - American Pacific Northwest. Such cooperation agreements enable ZIM to provide its customers with improved product portfolio, larger port coverage and better transit time, while generating cost efficiencies.

    Eli Glickman, ZIM President & CEO, said: “ZIM continues to pursue its strategic goals, and the Q1 2019 results reflect an improvement, achieved against a backdrop of challenging market conditions. The second phase of our strategic cooperation with the 2M Alliance, in the Asia - East Mediterranean and Asia - American Pacific Northwest trades, began during this quarter. This cooperation is expected to create additional cost efficiencies, while enabling significantly upgraded service levels to our customers. Our focus and differentiating advantage remains our multi-service approach, combining best-in-market lines, premium and personal customer service and advanced digital solutions.”

    Financial and Operating Highlights for the Three Months Ended March 31, 2019

    • Total revenues were $796.2 million compared to $751.4 million in Q1 2018, a 6.0% increase
    • ZIM carried 668 thousand TEUs compared to 698 thousand TEUs in Q1 2018, a 4.3% decrease
    • The average freight rate per TEU was $1,019 compared to $938 in Q1 2018, a 8.6% increase
    • Adjusted EBITDA was $69.3 million compared to $27.5 million in Q1 2018
    • EBITDA was $68.0 million compared to $22.6 million in Q1 2018
    • Adjusted EBIT was $22.0 million compared to negative Adjusted EBIT of $0.3 million in Q1 2018
    • EBIT was $18.6 million compared to negative EBIT of $5.2 million in Q1 2018
    • Adjusted net loss was $17.5 million compared to $26.1 million in Q1 2018
    • Net loss was $24.3 million compared to $34.1 million in Q1 2018
    • Operating cash flow was $59.7 million compared to $57.9 million in Q1 2018

    NOTE: As from January 1, 2019 the Company applies IFRS 16 (Leases), resulting in a reduction in the Company’s lease expenses, along with an increase in its depreciation expenses and interest expenses. Accordingly, the comparability of results in prior periods is limited. In addition, as from January 1, 2019 the Company includes its share of profit of associates as part of its Results from operating activities (EBIT), in all reported periods.

    ZIM was established in 1945 and has developed into one of the leading carriers in the global container shipping industry. ZIM is owned by Kenon Ltd (32%) and other financial institutions and shipowners (68%). ZIM’s global reach extends to over 100 countries with a network of global and regional shipping services that connects your business to strategic ports around the world. Complementary services are offered by ZIM’s trusted subsidiaries and affiliates at every stage of the supply chain.




2019 September 18

10:37 Training underway for Jeddah Maritime Information Sharing Centre
10:21 Panama Canal signs agreement with Port of Rotterdam
10:12 TGS announces strategic milestones to accelerate growth
09:44 Brent Crude futures price is down 0.09% to $64.49, Light Sweet Crude – down 0.44% to $59.08
09:15 Baltic Dry Index is down to 2,283 points
08:56 MABUX: Bunker Market this morning, Sept 18

2019 September 17

19:06 Rosmorrechflot’s shipbuilding order for coming six years foresees construction of 147 vessels
18:29 Lead chemical carrier of Project 00216М named PortNews after our agency
18:05 MPC Capital and ZEABORN strengthen HARPER PETERSEN by combining their shipbroking activities
17:24 MOL issues integrated 'MOL Report 2019'
16:35 Eagle Bulk Shipping takes delivery of M/V Sydney Eagle
16:02 CMA CGM and TFG launch Rhine valley rail to German hinterland
15:30 CMA CGM announces FAK rates from North Europe to New Zealand
15:02 Sembcorp Marine’s Brazilian shipyard completes Petrobras P-68 FPSO
14:56 CMA CGM strengthens its intra-European and Mediterranean offer with the launch of the Black Sea Marmara Morocco service
14:10 Hapag-Lloyd announces General Rate Increase for Trans-Pacific eastbound
13:10 Zadar Cruise Port is Port of the Year 2019
12:10 Port of Oakland refrigerated exports jump 20 percent in past year
11:51 Combined Task Force Commanders discussed their shared aims and goals in tackling the threat of piracy
11:34 Lars Thrane makes its Iridium Certus® debut with the LT-4200 maritime satcom system
11:22 Belfast Harbour reveals ambitious growth plans
11:00 Marine cargo market characterised by “accelerating change” as underwriters take action to address continuing unprofitability, says IUMI
10:34 Safety at Sea and BIMCO publish cyber security white paper
10:27 ABS and Keppel partner in developing the first two new build Drilling Rigs with Smart Notations
09:43 Greenland research vessel picks MAN hybrid propulsion package
09:32 Brent Crude futures price is down 0.87% to $68.42, Light Sweet Crude – down 1.24% to $61.89
09:16 Baltic Dry Index is down to 2,311 points
08:56 MABUX: Bunker market this morning, Sept 17

2019 September 16

18:04 Ports draw $5B investment, 12K jobs to Georgia
17:59 GOGL increases investment in Singapore Marine
17:50 Pella launched first serial trawler of Project 03095, Castor
17:25 Tenders on pilot projects for stevedoring company concessions in Olvia and Kherson ports officially announced
17:04 Vestdavit equips Norwegian Coast Guard’s next generation for Polar boat launch and recovery
16:29 USCG halts 2 illegal charters near Miami, Fort Lauderdale
16:04 Royal Caribbean to welcome first Quantum Ultra Class ship to North America
15:27 Boluda Towage Spain manoeuvres world’s largest container ship in port of Algeciras
15:04 Cargill and Maersk Tankers join forces in the Medium Range segment
14:10 Zvezda shipyard hosts keel-laying ceremony for third Aframax tanker for Rosnefteflot
13:39 Jotun transforms turnaround times for storage tanks with a new TankFast solution
13:16 North Sea Port starts testing more reliable lockage planning for scheduled services in the Terneuzen lock
12:42 Meyer Turku is moving the delivery of Costa Smeralda to November
12:18 AEC welcomes Guggenheim Partners Investment Management as Arctic Partner
11:55 Professional emergency response team of Kontur SPb LLC recommended to be certified for emergency response to oil spills
11:21 Workshop on ISPS Code for Designated Authority and Port Facility Security Officers held in Ghana
10:53 IMO continues work to promote ratification of international treaty covering wreck removal
10:29 GESAMP celebrates fifty years of service in ocean science
10:04 Busan Port Authority and Adani Ports & SEZ conclude MOU
09:50 Brent Crude futures price is up 9.96% to $66.22, Light Sweet Crude – up 8.61% to $59.52
09:32 Gazprom supports 3rd Conference “LNG Fleet and LNG Bunkering in Russia” as its General Sponsor
09:17 Baltic Dry Index is down to 2,312 points
09:08 Nyborg becomes 30th port to join the Cruise Baltic network
08:44 ECSA, INTERFERRY, EUDA and CLIA Europe welcome report on the evaluation of the Energy Taxation Directive
08:35 MABUX: Bunker Market this morning, Sept 16
08:00 Live webcast of NEVA 2019 zero-day conference begins at 10 am, September 16, on PortNews website

2019 September 15

15:47 M/V "SARA” refused access to the Paris MoU region
14:26 USCG assisted capsized USFSP sail students in St. Petersburg, Florida
12:02 World’s largest wind turbine blade test stand built by Siemens Gamesa
11:21 IMCA to introduce CPD scheme for diving supervisors
10:51 L3Harris Technologies delivers new advanced autonomous vehicle capability to UK’s Defence Science and Technology Laboratory

2019 September 14

15:29 Coast Guard reopens Houston Ship Channel after protest demonstration