ZIM Reports Record Revenues and Profits for 2024, Expects Continued Growth in 2025

ZIM, a global shipping and maritime transport company, today announced its consolidated business results for the fourth quarter of 2024 and the full year 2024.

Revenue for the fourth quarter of 2024 totaled $2.17 billion, compared to $1.21 billion in the same period last year. The increase is primarily attributed to a rise in freight rates and the volume of cargo transported.

ZIM transported 982,000 TEUs in the fourth quarter of 2024, compared to 786,000 TEUs in the same period last year. The average freight price per TEU in the fourth quarter stood at $1,886, compared to $1,102 in the same period last year.

Revenue for the full year 2024 totaled $8.43 billion, compared to $5.16 billion in 2023. The increase is primarily attributed to a rise in freight rates and the volume of cargo transported.

In 2024, ZIM transported 3,751,000 TEUs, compared to 3,281,000 TEUs in 2023. The average freight price per TEU stood at $1,888 in 2024, compared to $1,203 in 2023.

Operating profit (EBIT) for 2024 totaled $2.53 billion, compared to an operating loss of $2.51 billion in 2023. The increase is primarily attributed to the aforementioned increase in revenue, as well as a loss from a decrease in value recorded in 2023.

Net profit for 2024 totaled $2.15 billion, compared to a net loss of $2.69 billion in 2023. The increase is primarily attributed to the aforementioned increase in revenue, as well as a loss from a decrease in value recorded in 2023.

Adjusted EBITDA totaled $3.69 billion in 2024, compared to $1.05 billion in 2023. Adjusted EBIT totaled $2.55 billion in 2024, compared to an adjusted EBIT loss of $422 million in 2023. Adjusted EBITDA and adjusted EBIT margins for 2024 stood at 44% and 30%, respectively, compared to 20% and 8% in 2023.

Cash flow from operating activities totaled $3.75 billion in 2024, compared to $1.02 billion in 2023.

Eli Glickman, President and CEO of ZIM, said: 'We are pleased and proud of the company's exceptional performance in 2024, during which we transported a record amount of cargo and demonstrated extraordinary profitability. Thanks to our continued growth in transport capacity and improvements in our cost structure, we reported our best-ever results, aside from the exceptional period of the coronavirus pandemic. In line with our commitment to return capital to shareholders, the dividend we announced today, along with the dividends distributed during 2024, total $7.98 per share, or $961 million, representing about 45% of annual net profit.'

Glickman added: 'The benefits of renewing our fleet were evident throughout 2024 and were reflected in our excellent financial results, as well as in the significant increase in our cargo volume, which grew at a much higher rate than the industry average. Thanks to the introduction of larger ships, built to meet emission reduction targets and tailored to the trade routes we operate, we increased our cargo volume by 14% compared to the previous year, compared to an average growth of only about 6% in the market as a whole, while achieving excellent margins. Several factors contributed to our market share growth – the introduction of new, larger ships to the trade lines between Asia and the US East Coast; the success of the fast lines to the US West Coast; and our expanded presence in Latin America.'

Glickman further added: 'We enter 2025 with better business resilience and a modern, fuel-efficient fleet, 40% of which is powered by natural gas (LNG). Although we operate in a highly volatile industry, which is exacerbated by uncertainties related to geopolitical factors, international relations dynamics, and economic, fiscal, and monetary policies, we are confident in our operational and commercial flexibility and our competitive position in the market. Our forecast for 2025, which expects an adjusted EBITDA of between $1.6 billion and $2.2 billion, and an adjusted EBIT of between $350 million and $950 million, assumes that the conditions in the Red Sea will not return to normal before the second half of the year, at the earliest.'

In 2025, the company expects an adjusted EBITDA in the range of $1.6 billion to $2.2 billion, and an adjusted EBIT in the range of $350 million to $950 million.