Israel-based container carrier ZIM reported total revenues of US$8.43 billion for the full year of 2024, compared to US$5.16 billion for the full year of 2023, driven primarily by an increase in freight rates and box volumes.
ZIM carried 3.75 million TEUs in 2024, compared to 3.28 million TEUs in the previous year. At the same time, the average freight rate per TEU was US$1,888, compared to US$1,203 in 2023.
The company’s operating income (EBIT) reached US$2.53 billion, while net income climbed to US$2.15 billion, compared to net loss of US$2.69 billion for the full year of 2023, driven mainly by the above-mentioned increase in revenues and the impairment charge recognized in 2023.
Additionally, ZIM recorded adjusted EBITDA of US$3.69 and adjusted EBIT of US$2.55 billion for 2024. Adjusted EBITDA and adjusted EBIT margin were 44% and 30%, respectively, while net cash generated from operating activities was US$3.75 billion.
“We are pleased and proud with the Company’s outstanding performance in 2024, during which we delivered record carried volume as well as exceptional profitability,” stated Eli Glickman, ZIM President & CEO.
Glickman commented: “Based on our continued progress upscaling our capacity and optimizing our cost structure, we reported our best results ever, excluding the extraordinary COVID period. Consistent with our commitment to returning capital to shareholders, the dividend declared today, together with the dividends distributed during 2024, total US$7.98 per share, or US$961 million, representing approximately 45% of our full year net income.”
Glickman went on to add that ZIM enters 2025 with a “more resilient business and modern cost- and fuel-efficient capacity”, 40% of which is LNG-fueled.
ZIM’s boss concluded: “Our 2025 outlook of adjusted EBITDA between US$1.6 billion and US$2.2 billion and adjusted EBIT between US$350 million and US$950 million assumes trade conditions in the Red Sea will not normalize until the second half of the year at the earliest.”
