Zim experienced a challenging quarter. Its overall fright carried dropped 4.3%. However, in light of an increase in freight charges, Zim revenue actually rose by 6%. Offsetting the increase in revenue, was the rising price of oil, which caused the company’s losses for the quarter. Still, Zim was ultimately cash positive for the quarter.
Zim reported:
The company’s revenues totaled $796.2 million, compared to $751.4 million in Q1 2018, a 6.0% increase;
The company carried 668 thousand TEUs, compared to 698 thousand TEUs in Q1 2018, a 4.3% decrease;
The average freight rate per TEU was $1,019, compared to $938 in Q1 2018, a 8.6% increase
Adjusted EBITDA was $69.3 million compared to $27.5 million in Q1 2018;
EBITDA was $68.0 million, compared to $22.6 million in Q1 2018;
Adjusted EBIT was $22.0 million, compared to negative Adjusted EBIT of $0.3 million in Q1 2018;
EBIT was $18.6 million, compared to negative EBIT of $5.2 million in Q1 2018;
Adjusted net loss was $17.5 million, compared to $26.1 million in Q1 2018;
Net loss was $24.3 million, compared to $34.1 million in Q1 2018;
Operating cash flow was $59.7 million, compared to $57.9 million in Q1 2018.
Eli Glickman, ZIM President & CEO, said: “ZIM continues to pursue its strategic goals, and the Q1 2019 results reflect an improvement, achieved against a backdrop of challenging market conditions. The second phase of our strategic cooperation with the 2M Alliance, in the Asia — East Mediterranean and Asia — American Pacific Northwest trades, began during this quarter. This cooperation is expected to create additional cost efficiencies, while enabling significantly upgraded service levels to our customers. Our focus and differentiating advantage remains our multi-service approach, combining best-in-market lines, premium and personal customer service and advanced digital solutions.”
