ZIM reports record results for first quarter of 2022

"Building on an extraordinary 2021 for ZIM, we maintained our strong trajectory in the first quarter of 2022, delivering on our commitment to outstanding execution and profitable growth."

 Zim Integrated Shipping Services  (photo credit: ZIM INTEGRATED SHIPPING SERVICES LTD.)
Zim Integrated Shipping Services
(photo credit: ZIM INTEGRATED SHIPPING SERVICES LTD.)

The Israeli shipping firm ZIM reported its highest-ever quarterly net income in 2022, with $1.7 billion in the first quarter of the year. It was a year-over-year increase of 209% percent.

In terms of revenue, ZIM saw a 113% increase in 2022’s first quarter compared to the same quarter in 2021, amounting to $3.7b.

Dividends of $2.85 per share will be paid, amounting to $342 million.

Eli Glickman, president and CEO of ZIM. (credit: RAPOPORT PRIVATE NEWS)Eli Glickman, president and CEO of ZIM. (credit: RAPOPORT PRIVATE NEWS)

“Building on an extraordinary 2021 for ZIM, we maintained our strong trajectory in the first quarter of 2022, delivering on our commitment to outstanding execution and profitable growth,” said ZIM president and CEO Eli Glickman. “Our balance sheet remains very strong, with a positive net cash position combined with shareholder equity of approximately $4.3b. at the end of the quarter.

“We continue to position ZIM for long-term success, as we strengthened our future commercial prospects and improved our cost structure,” he added. “Since the beginning of 2022, we have announced attractive chartering transactions for 17 newly built vessels, securing modern and efficient tonnage particularly well-suited to serve on our expanded network of expedited services. Importantly, we will maintain flexibility to adjust our fleet size based on market conditions and be positioned at the forefront of carbon intensity reduction among global liners.”