Record year beckons for ZIM, but less profit than expected
‘ONLY’ 7.5 BILLION DOLLAR PROFIT
ZIM has revised its full-year 2022 profit forecast downwards in response to the third-quarter financials. The Israeli container shipping company now expects a gross profit (EBITDA) of between 7.4 and 7.7 billion dollars. That is 6% less than in a previous forecast. Nevertheless, the expected profit would still make for a record year.
The Israeli shipping company noticed in the third quarter that the draft is starting to come in container liner shipping. EBITDA was $1.93 billion, down 7% from the same period last year. Operating profit (EBIT) declined 17% to $1.54 billion.
Eli Glickman, ZIM president and CEO, speaks of “strong EBITDA and EBIT margins”, considering the “unstable market conditions”. The president does see that the golden times for the shipping companies are over. “Futured by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has changed and normalization of freight rates has begun.”
‘ONLY’ 7.5 BILLION DOLLAR PROFIT
ZIM has revised its full-year 2022 profit forecast downwards in response to the third-quarter financials. The Israeli container shipping company now expects a gross profit (EBITDA) of between 7.4 and 7.7 billion dollars. That is 6% less than in a previous forecast. Nevertheless, the expected profit would still make for a record year.
The Israeli shipping company noticed in the third quarter that the draft is starting to come in container liner shipping. EBITDA was $1.93 billion, down 7% from the same period last year. Operating profit (EBIT) declined 17% to $1.54 billion.
Eli Glickman, ZIM president and CEO, speaks of “strong EBITDA and EBIT margins”, considering the “unstable market conditions”. The president does see that the golden times for the shipping companies are over. “Futured by macroeconomic and geopolitical uncertainties, the near-term outlook for container shipping has changed and normalization of freight rates has begun.”