Zim posts best result since 2010 amid IPO talk

Zim has reported a net profit of USD 25.3 million for the second quarter of 2020, its highest quarterly net result since 2010.

Revenue fell 4.7% to USD 795.1 million as the line carried 641,000 teu versus 731,000 teu in Q2 2019, a 12% decrease. However, average freight rates were USD 1,071 per teu, up nearly 8% on the USD 993 seen in Q2 2019.

The Israeli company now appears to be trying to take advantage of the momentum to make another attempt to go public. Israeli financial news service Globes claims three foreign banks have been hired to explore a listing, which would likely be in London or New York. It claims the company would be valued at $750 million.

Zim’s financial record is inconsistent. Over the past three and half years it has recorded just one quarter – Q3 2017 – in significant profit (over USD 5 million). Its operated fleet fell to a decade low of 270,000 teu in March but has since risen above 300,000 teu again, around 1% of the global container market.

Net profit for H1 was USD 13.4 million, versus a loss of USD 19.2 million last year. Total revenue was little changed at USD 1.68 billion, less than 1% lower than the previous year.

Source: Alphaliner

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