HAIFA: ZIM generated a net profit of $4.6 million and adjusted EBITDA of $43.9 million in Q4 2016, a significant improvement over Q3 2016.
ZIM carried 2.4 million TEUs in 2016, a 5.2% increase compared to 2015. ZIM continued to record improved results and outperform the industry, through increased efficiency and cost reductions achieved against a background of volatile and rapidly changing market conditions.
ZIM reported an adjusted EBITDA of $43.9 million in Q4 2016, and $46.7 million for the year ended December 31, 2016. ZIM recorded adjusted EBITDA margins of 6.7% in Q4 2016, and 1.8% for the whole of 2016.
ZIM recorded a 3.9% increase in containers carried in Q4 compared to the same period last year, to 613 thousand TEUs and a 5.2% increase to a total of 2.4 million TEUs in 2016, compared to 2015.
As a result of increased efficiencies and cost reductions, along with other factors, the unit cost decreased in 2016 by 14% compared to 2015.
Mr. Rafi Danieli, ZIM’s President & CEO, said: “In spite of the very challenging market conditions in 2016, our results continued to improve, with a net profit in Q4 2016 and an increase in carried TEUs. The results were achieved through a successful efficiency plan and costs reductions implemented at all levels in ZIM.
We continue to improve ZIM’s network and to react rapidly to changing market conditions. Starting April 2017, in response to the changes in the alliances’ setup, ZIM will introduce an upgraded, efficient new network, with new services in the Asia-America, Asia-Med and Med-America trades, offering high quality services to our customers. We operate as an independent, global niche carrier, with emphasis on high level customer service and focus on select markets where ZIM has a competitive advantage.”