HAIFA: The industry is starting to stabilize after the major changes it has gone through, with reshaping of the alliances and M&A’s activities that took place during the last years. We saw a positive trend in the industry in the last four quarters, however, market conditions remained challenging and volatile.
ZIM continues to outperform the industry and achieve encouraging results. The results of ZIM in Q3 2017 and the nine months ended September 30, reflect a continuous improvement in the company’s performance.
ZIM reported an adjusted EBITDA of $89.2M in Q3 2017 compared to $10.5M in Q3 2016, with an adjusted EBITDA margin of 10.9%. The carried quantities increased by 10.6% to 688 thousand TEUs in Q3 2017, compared to 622 thousand TEUs in Q3 2016.
Eli Glickman, ZIM President & CEO, said: “ZIM’s encouraging Q3 results are a cause for optimism, and we hope they reflect a momentum that we can keep up in the coming quarters; however, we still face many challenges, including the uncertainty of market conditions, including freight rates & bunker prices.
I believe we are on the right track, as we continue to outperform the industry thanks to our unrelenting focus on profitability, efficiency and a customer-orientated approach.
We are currently in the process of finalizing our 2018 budget, designed at increasing the pace of our strategy implementation and embracing fresh technological initiatives, as part of our vision to offer our customers new and best-in-market services.”