ZIM net loss up to $119.9 million in 2018
Confronted with tough business environment, ZIM continued to record improvements and to introduce new services to its customers, the company said in its release.
In September 2018, the Company launched its strategic operational cooperation with the 2M Alliance. According to this cooperation, the Company and the parties of the 2M Alliance (Maersk and MSC) operate together several lines between Asia and the US East-Coast. In January 2019, The Company and the members of the 2M Alliance announced a second strategic cooperation agreement in two additional trades: Asia - East Mediterranean and Asia - American Pacific Northwest.
Eli Glickman, ZIM President & CEO, said: “During 2018, we have commenced the first phase of our strategic operational cooperation with the 2M Alliance, recently expanded to two additional trades. The agreement enables ZIM to offer better product and service portfolio to our customers, and cope with the volatile freight rates and fuel prices. We were able to achieve improved cost efficiencies while significantly increasing the transported volumes. At the same time, we continue to put our customer service at the center, introducing new services and investing in innovative digital solutions"
Financial and Operating Highlights for the Year Ended December 31, 2018
Total revenues were $3,247.9 million compared to $2,978.3 million in 2017, a 9.1% increase
ZIM carried 2,914 thousand TEUs, compared to 2,629 thousand TEUs in 2017, a 10.8% increase
The average freight rate per TEU was $973, compared to $995 in 2017, a 2.2% decrease
Adjusted EBITDA was $145.3 million, compared to $270.1 million in 2017
EBITDA was $121.0 million, compared to $245.8 million in 2017
Adjusted EBIT was $33.7 million, compared to adjusted EBIT of $161.7 million in 2017
EBIT was negative $28.6 million, compared to EBIT of $135.1 million in 2017
Adjusted net loss was $44.6 million, compared to adjusted net profit of $50.0 million in 2017
Net loss was $119.9 million (including an impairment loss of $38.0 million with respect to vessels classified as held-for-sale), compared to net profit of $11.4 million in 2017
Operating cash flow was $225.0 million, compared to $230.9 million in 2017
Financial and Operating Highlights for the Three Months Ended December 31, 2018
Total revenues were $852.6 million compared to $760.9 million in Q4 2017, a 12.1% increase
ZIM carried 714 thousand TEUs, compared to 685 thousand TEUs in Q4 2017, a 4.2% increase
The average freight rate per TEU was $1,045, compared to $959 in Q4 2017, a 9.0% increase
Adjusted EBITDA was $47.8 million compared to $53.4 million in Q4 2017
EBITDA was $42.4 million compared to $48.1 million in Q4 2017
Adjusted EBIT was $19.6 million, compared to adjusted EBIT of $25.5 million in Q4 2017
EBIT was negative $23.8 million, compared to EBIT of $20.3 million in Q4 2017
Adjusted net profit was $0.8 million, compared to adjusted net loss of $1.3 million in Q4 2017
Net loss was $46.0 million (including an impairment loss of $38.0 million with respect to vessels classified as held-for-sale), compared to net loss of $9.7 million in Q4 2017
Operating cash flow was $60.4 million, compared to $61.7 million in Q4 2017
