The container liner company ZIM Integrated Shipping Services (ZIM) has reported its consolidated results for the three and twelve months ended 31 December 2023.
The company saw a net loss of $147m for the fourth quarter compared to a net profit of $417m in the fourth quarter of 2022.
The net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69bln compared to a net profit of $4.63bln for the full year of 2022.
Adjusted Ebitda for the fourth quarter was $190m, a year-over-year decrease of 80%, whilst adjusted Ebitda for the full year was $1.05bln, a year-over-year decrease of 86%.
ZIM’s operating loss (EBIT) for the fourth quarter was $54m, compared to operating income of $585m in the fourth quarter of 2022.
Operating loss for the full year of 2023 was $2.51bln (driven by a non-cash impairment loss of $2.06 bln recorded in the third quarter), compared to operating income of $6.14bln for the full year of 2022.
Revenues for the fourth quarter were $1.21bln, a year-over-year decrease of 45%, whilst revenues for the full year were $5.16bln, a year-over-year decrease of 59%.
Eli Glickman, ZIM’s president and chief executive, said: “During a time when the market remains volatile, our strong cash position will enable us to continue to maintain a long-term view as we focus on generating sustainable value for both customers and shareholders.
“Looking ahead, we intend to continue to take decisive steps to further benefit from our strategic transformation and expect ZIM to emerge in a stronger position than ever in 2025 and beyond.”
Glickman added, “Our fleet renewal program, which includes 46 newbuild containerships, focuses on shifting ZIM’s reliance on older, less fuel-efficient vessels to a cost and fuel-efficient, more sustainable and largely LNG-powered newbuild fleet, and is progressing as planned following the delivery of 24 new vessels to date.”
In 2024, the company expects to generate adjusted Ebitda between $850m and $1,450m and adjusted Ebit between a loss of $300m and earnings of $300m.
Source: ZIM
