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ZIM reports record financial results for the Third Quarter of 2021

Generated highest ever quarterly net income of $1.46 billion

ZIM Integrated Shipping Services Ltd., a global container liner shipping company, announced today its consolidated results for the three and nine months ended September 30, 2021.

Third Quarter 2021 Highlights

  • Net income for the third quarter of 2021 was $1.46 billion or $12.16 per diluted share[3], compared to $144 million or $1.36 per diluted share in the third quarter of 2020, a year-over-year increase of 913% and 794%, respectively
  • Adjusted EBITDA for the third quarter of 2021 was $2.08 billion, compared to $262 million in the third quarter of 2020, a year-over-year increase of 693%
  • Operating income (EBIT) for the third quarter of 2021 was $1.86 billion, compared to $189 million in the third quarter of 2020, a year-over-year increase of 884%. Reconciliation items between operating income (EBIT) and Adjusted EBIT in the third quarter of 2021 were negligible
  • Revenues for the third quarter of 2021 were $3.14 billion, compared to $1.01 billion in the third quarter of 2020, a year-over-year increase of 210%
  • ZIM carried 884 thousand TEUs in the third quarter of 2021, a year-over-year increase of 16%
  • The average freight rate per TEU in the third quarter of 2021 was $3,226, a year-over-year increase of 174%
  • Net leverage ratio[1] of 0.0x at September 30, 2021, compared to 1.2x at December 31, 2020
  • Declared a transition to interim quarterly dividend pay out of approximately 20% of quarterly net income, with the fourth quarter dividend pay
  • out to total 30-50% of the annual net income, including the interim quarterly dividends; declared approximately $296 million, or $2.50 per share Q3 dividend (representing approximately 20% of Q3 2021 net income) to be paid on December 27, 2021
  • Announced the strategic long-term chartering agreement and option exercise with Seaspan for a total of 15 x 7,000 TEU LNG-fueled vessels, further demonstrating ZIM's commitment to reducing its carbon footprint
  • During the third quarter of 2021 and subsequent to quarter end, ZIM purchased eight (8) second-hand vessels for total consideration of approximately $355 million

Financial and Operating Results for the Third Quarter Ended September 30, 2021
Total revenues were $3.14 billion for the third quarter of 2021, compared to $1.01 billion for the third quarter of 2020, primarily driven by an increase in revenues from containerized cargo, reflecting increases in freight rates as well as in carried volume.

Operating income (EBIT) for the third quarter of 2021 was $1.86 billion, compared to $189 million for the third quarter of 2020. Operating margin for the third quarter of 2021 was 59%, compared to 19% in the third quarter of 2020.

Click here to read the full press release.

For more information:
Avner Shats
ZIM Integrated Shipping Services Ltd.
Tel.: +972-4-865-2520
Email: shats.avner@zim.com


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