ZIM reports financial results for 2022
ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced today its consolidated results for the twelve months ended December 31, 2022.
Total revenues were $12.56 billion for the full year of 2022, compared to $10.73 billion for the full year of 2021, primarily driven by elevated freight rates.
ZIM carried 3,380 thousand TEUs in the full year of 2022, compared to 3,481 thousand TEUs in the full year of 2021. The average freight rate per TEU was $3,240 for the full year of 2022, compared to $2,786 for the full year of 2021.
Operating income (EBIT) for the full year of 2022 was $6.14 billion, compared to $5.82 billion for the full year of 2021. Full-year operating income benefited from elevated freight rates, the impact of which was partially offset by increased bunker and vessel chartering costs.
Net income for the full year of 2022 was $4.63 billion, compared to $4.65 billion for the full year of 2021. Net income for the full year of 2022 included a tax expense of $1.40 billion, compared to $1.01 billion for the full year of 2021.
Adjusted EBITDA was $7.54 billion for the full year of 2022, compared to $6.60 billion for the full year of 2021. Adjusted EBIT was $6.15 billion for the full year of 2022, compared to $5.82 billion for the full year of 2021. Adjusted EBITDA and Adjusted EBIT margins for the full year of 2022 were 60% and 49%, respectively. This compares to 61% and 54% for the full year of 2021, respectively.
Net cash generated from operating activities was $6.11 billion for the full year of 2022, compared to $5.97 billion for the full year of 2021.
ZIM's total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) increased by $792 million from $3.81 billion as of December 31, 2021 to $4.60 billion as of December 31, 2022. Capital expenditures totaled $345 million for the year ended December 31, 2022, compared with $1.01 billion for the year ended December 31, 2021. Net cash position as of December 31, 2022, was $279 million compared to $509 million as of December 31, 2021, a decrease of $230 million. ZIM's net leverage ratio as of December 31, 2022, was 0.0x, similar to December 31, 2021.
In accordance with the Company's dividend policy, ZIM's Board of Directors declared a cash dividend of approximately $769 million, or $6.40 per ordinary share. Together with prior dividend distributions made on account of 2022, dividend distributions for the year totaled approximately 44% of the year's net income.
Founded in Israel in 1945, ZIM is a global container liner shipping company with established operations in more than 90 countries serving approximately 34,000 customers in over 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages.
