ZIM reports all-time record Q3 profit

Underscoring the remarkable bounce back of container shipping from reduced volumes due to Covid-19 lockdowns in the first half of the year, ZIM has reported its highest ever Q3 profit.

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The Israeli line reported a Q3 2020 net profit of $144m compared to just $5m in the same period a year earlier.

ZIM also reported its highest revenues in eight years with $1.01bn in revenues in Q3 2020, up 20.3% on the same period last year.

Eli Glickman, ZIM president & ceo, commented: “ZIM’s outstanding results in the third quarter represent a new all-time record.

This remarkable and exceptional achievement stems from our long-term strategy and vision and reaffirms it. I expect Q4 results to be at least as high as Q3 results.”

ZIM has continued to expand its services in a volatile market including express services targeting the e-commerce sector.

“Following the successful launch of new specialized services for the fast-growing e-commerce sector, we further expanded our reach and our offer to customers.

During the quarter we also announced several new initiatives, aimed at harnessing our technological and innovative expertise to shipping-related fields,” he said.

Glickman said that they were still facing challenges from the pandemic and volatile markets.

However, ZIM is confident on Q4 and he said, “we expect our fourth quarter results to keep up with this excellent trend”.