ZIM is Back to Profit in Q4 2016
ZIM Integrated Shipping Services Ltd (ZIM) generated a net profit of $4.6 million and adjusted EBITDA of $43.9 million in Q4 2016, a significant improvement over Q3 2016.
ZIM carried 2.4 million TEUs in 2016, a 5.2% increase compared to 2015 ZIM continued to record improved results and outperform the industry, through increased efficiency and cost reductions achieved against a background of volatile and rapidly changing market conditions.
ZIM reported an adjusted EBITDA of $43.9 million in Q4 2016, and $46.7 million for the year ended December 31, 2016. ZIM recorded adjusted EBITDA margins of 6.7% in Q4 2016, and 1.8% for the whole of 2016.
ZIM recorded a 3.9% increase in containers carried in Q4 compared to the same period last year, to 613 thousand TEUs and a 5.2% increase to a total of 2.4 million TEUs in 2016, compared to 2015.
As a result of increased efficiencies and cost reductions, along with other factors, the unit cost decreased in 2016 by 14% compared to 2015.
Rafi Danieli, ZIM’s President & CEO, said: “In spite of the very challenging market conditions in 2016, our results continued to improve, with a net profit in Q4 2016 and an increase in carried TEUs. The results were achieved through a successful efficiency plan and costs reductions implemented at all levels in ZIM."
