The company carried 823,000TEUs in Q4 2022. Credit: Olga Subach / Unsplash.

Israel-based ZIM Integrated Shipping Services has posted a net income of $4.63bn for the full year 2022, recording a marginal decrease of 0.43% compared with a net income of $4.65bn in 2021.

Its net income in Q4 2022 saw a plunge of 121%, to $417m as against $1.71bn during the same period in the previous year.

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With a year-over-year (YoY) decrease of 37%, ZIM reported revenue of $2.19bn in Q4 2022, while its revenue was $12.56bn for the full year 2022, an increase of 17% from $10.7bn recorded in 2021.

ZIM announced an operating income (EBIT) of $585m for Q4 2022, a YoY drop of 72%. Its operating income for the full year 2022 stood at $6.14bn, a YoY rise of 5%.

With a YoY decrease of 59%, the company’s adjusted EBITDA for Q4 2022 stood at $973m. Its adjusted EBITDA for the full year was $7.54bn, an increase of 14% from 2021.

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Compared with 858,000 twenty-foot equivalents (TEUs) in Q4 2021, the firm carried 823,000TEUs in Q4 2022. For the full year 2022, it carried a volume of 3,380,000TEUs, a YoY decrease of 3%.

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Its average freight rate per TEU dipped by 42%, to $2,122, from Q4 2021, while the full year recorded an average freight rate of $3,240, a YoY rise of 16%.

This year, the firm anticipates adjusted EBITDA to be between $1.8bn and $2.2bn, and adjusted EBIT to be in the range of $100m to $500m.

ZIM president and CEO Eli Glickman said:  “While macroeconomic uncertainties, the precipitous decline in freight rates over the past few months and the supply-demand imbalance continue to drive a challenging near-term outlook for container shipping, we are confident in ZIM’s strategy and believe we will generate positive EBIT in 2023.

“For the full year, we expect to generate Adjusted EBITDA between $1.8bn to $2.2bn and Adjusted EBIT between $100m and $500m. In 2023 and beyond, our focus on leveraging digital strategies, operating a high-quality sustainable fleet, and further implementing our global niche strategy positions us well to best serve our customers and generate long-term sustainable value for our shareholders.”