ZIM Integrated Shipping Services announced its consolidated results for the three months ended March 31, 2025.
First Quarter 2025 Highlights
- Net income for the first quarter was $296 million (compared to $92 million in the first quarter of 2024), or diluted earnings per share of $2.454 (compared to $0.75 in the first quarter of 2024).
- Adjusted EBITDA for the first quarter was $779 million, a year-over-year increase of 82%.
- Operating income (EBIT) for the first quarter was $464 million, compared to $167 million in the first quarter of 2024.
- Adjusted EBIT for the first quarter was $463 million, compared to $167 million in the first quarter of 2024.
- Revenues for the first quarter were $2.01 billion, a year-over-year increase of 28%.
- Carried volume in the first quarter was 944 thousand TEUs, a year-over-year increase of 12%.
- Average freight rate per TEU in the first quarter was $1,776, a year-over-year increase of 22%.
- Net leverage ratio1 of 0.6x at March 31, 2025, compared to 0.8x as of December 31, 2024; net debt1 of $2.49 billion as of March 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024.
Eli Glickman, ZIM President & CEO, stated, “ZIM began the year with positive momentum, delivering 12% carried volume growth and strong earnings in the first quarter. Drawing on our transformed fleet and enhanced cost structure, we generated Q1 revenues of $2.01 billion and net income of $296 million. Building on our proven track record of returning capital to shareholders, we declared a dividend of $0.74 per share, or $89 million, representing approximately 30% of our quarterly net income.”
Mr. Glickman added, “As we look toward the remainder of the year, the operating environment is highly uncertain, driven by a range of factors impacting global trade and economic expectations. For ZIM, our focus is on controlling what we can and responding to market shifts quickly with decisive actions. We continuously assess how to best allocate capacity and have taken steps to modify our network to match the changes in cargo flow from China and other Southeast Asian markets into the United States, including within the last week, which underscores the agile nature of our commercial strategy.”
Mr. Glickman concluded, “Despite the heightened level of uncertainty, we have reaffirmed our 2025 outlook of Adjusted EBITDA between $1.6 billion and $2.2 billion and Adjusted EBIT between $350 million and $950 million. We are confident that we have built a resilient business and will continue to benefit from the strategic investment in our fleet with larger, more modern, cost-effective capacity, approximately 40% of which is LNG-fueled. Supported by our lower cost base, we believe ZIM is well positioned to drive profitable growth over the long term.”