• 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 June 20

18:36 Xeneta and Catapult announce agreement
18:06 Inland terminals CTU in Lelystad, HOV Harlingen and Westerman Multimodal Logistics in Hasselt joined the North West Central Corridor
17:36 First European conversion of a dredger to dual-fuel LNG / MGO departs Damen Shiprepair Dunkerque
17:06 ECSA organises workshop on the shipping industry’s interests in the UN negotiations on international ocean governance
17:05 Containerships introduces its second LNG-powered ship CONTAINERSHIPS POLAR and optimizes its Baltic service
16:50 Recovery of vessel traffic in Tushino, Moscow Canal, postponed again causing ship owners’ losses
16:35 Damen Oskarshamnsvarvet Sweden achieves coveted AAA credit rating
16:18 MAN Energy Solutions, Corvus Energy and DNV GL present results of HYCAS study on hybrid power generation
16:04 Knud E. Hansen announces design of 110 m. Adventure Wind Cruise Vessel
15:34 MEYER WERFT announces handover of Spirit of Discovery
15:04 Busan Port Authority and Port of Rotterdam Authority sign contract for the issue of a five hectare site on Maasvlakte Distribution Park West
14:42 Composit participated in Dredging Summit & Expo 2019
14:25 UAE Shipping Association looks to branch out
14:03 MOL and GAIL sign charter contract for one LNG carrier
13:47 DNV GL: Building a marine supply infrastructure as part of a future hydrogen society
13:46 New generation trailing suction hopper dredger ‘Bonny River’ joins the DEME’s fleet
13:28 Helle Hammer awarded WISTA Norway’s LeaderShip Award 2019
12:50 Gazprom Management Committee reviews progress of Nord Stream 2 and TurkStream projects
12:24 Bunker prices are flat at the Far East ports of Russia (graph)
12:01 CMA CGM announces GRR from Asia to West Africa
11:36 ReCAAP ISC and Indian Coast Guard co-hosting 12th Capacity Building Workshop for Maritime Law Enforcement and Regulatory Authorities
11:11 NCSP Group’s consolidated cargo turnover for Jan-Apr 2019 increased by 0.3% to 47.6 million tonnes
10:42 Amendments to be introduced to the Water Traffic Act
10:10 Tallink Grupp connects first two vessels to shore power at Port of Stockholm in a bid to reduce environmental impact
10:09 CMA CGM announces FAK rates from Asia to the Middle East Gulf
09:46 Brent Crude futures price is up 1.81% to $62.95, Light Sweet Crude – up 1.69% to $54.9
09:27 MABUX: Bunker market this morning, June 20
09:17 Baltic Dry Index is up to 1,179 points

2019 June 19

18:14 Port of Southampton signs sister port agreement with PortMiami
18:05 Unique Wärtsilä fresh water production system offers one ton per day fuel savings
17:51 Continued rail investment at the Port of Southampton accelerates air quality improvements
17:28 PGNiG confirms production potential of Poland’s largest gas field
17:03 IMRF announces new Board of Trustees
16:40 Small-size missile ship Orekhovo-Zuyevo, Black Sea Fleet, completes tasks in the Mediterranean Sea
16:02 Hapag-Lloyd announces GRI from Asia to East Coast South America
15:39 Vympel Shipyard launched first Grachonok-class special purpose boat for Federal National Guard Troops Service
15:02 Black Sea Mediterranean Express (BMX Service) Additional Gemlik Call
14:43 Baltic Workboats announces delivery of 100m fully electric ferry
14:21 RS participates in Global Fishery Forum
14:02 MOL and Japanese shipyards design Next Generation Coal carrier 'EeneX'
13:45 Igor Sharkov appointed Director of FESCO Branch Office in Vladivostok
13:26 FESCO opens seasonal transportation to ports of Chukotka
13:02 Van Oord awarded large contract for Mozambique LNG project
12:34 NIBULON Shipbuilding and Repair Yard starts constructing vessels of new project
12:12 ICS meets in Faroe Islands
11:58 Frigate Admiral Gorhskov of RF Navy's Northern Fleet sails through Panama Canal
11:37 Ship inspection platform Idwal urges investors to carry out due diligence on asset condition as standards decline
11:19 WMU signed MOU with Higher Institute of Maritime Studies, Morocco
11:12 Damen signs Phase II contract with International Organization for Migration for nine additional SAR 1906 search and rescue boats
10:55 ABB wins system package with Keppel for dredging contractor Van Oord
10:33 Lavna coal terminal to reach design capacity of 18 million tonnes in 2022
10:00 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:38 MABUX: Bunker Market this morning, June 19
09:32 Brent Crude futures price is up 0.03% to $62.16, Light Sweet Crude – up 0.22% to $54.23
09:15 Baltic Dry Index is up to 1,135 points

2019 June 18

18:36 Spotlighting IMO's actions on climate change
18:31 Transborders Energy signs joint study agreement with Kyushu Electric Power for FLNG Solution
18:06 Kim Heng Offshore & Marine Holdings signs MoU with HHC and Thaitan
18:03 Container service boost at Bristol Port
17:53 IMO and UN Environment – working together to keep the Mediterranean clean