ZIM posts record third quarter results

Israel-based Zim Integrated Shipping Services (ZIM) posted record results for the third quarter of 2020 with net profit at US$144.4 million, compared to US$5 million for the same period 2019, an increase of 2,818.4 percent.

The increase in net profit was all the more impressive given that ZIM carried 2.042 million TEU in the third quarter of 2020 compared to 2.124 million in the same period 2019, a decrease of 3.9 percent.

Eli Glickman, ZIM President & CEO, said: “I’m proud to report these exceptional results delivered by ZIM, compared to the same period in 2019 and historically. ZIM’s outstanding results in the third quarter represent a new all-time record. This remarkable and exceptional achievement stems from our long-term strategy and vision and reaffirms it. I expect Q4 results to be at least as high as Q3 results.

“While market conditions were favourable in some trades, we are still facing the challenges of the pandemic, and market volatility remains high. Nevertheless, our agile response to market developments enabled us to perform better than ever in the current ‘new reality’ and deliver these excellent results.

“Following the successful launch of new specialized services for the fast-growing e-commerce sector, we further expanded our reach and our offer to customers. During the quarter we also announced several new initiatives, aimed at harnessing our technological and innovative expertise to shipping-related fields.

“I am proud and pleased of our Q3 results and will continue to pursue our goal of sustained profitability and growth, while maintaining our high level of customer service. As previously indicated, we expect our fourth quarter results to keep up with this excellent trend”.

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