ZIM this Wednesday announced its consolidated results for the second quarter and first half of 2022 ended June 30, 2022.
The performance report shows that the total revenue of Yixing in the second quarter of 2022 was US$3.43 billion, a year-on-year increase of 44%; net profit was US$1.34 billion, a year-on-year increase of 50%; adjusted earnings before interest, tax, depreciation and amortization (EBITDA) $2.1 billion, up 57% year-on-year. Containerized freight volume in the second quarter was 856,000 TEU, down 7% year-on-year.
Total revenue for the first half of 2022 was $7.15 billion, up 73% year-over-year; net profit was $3.05 billion, up 106% year-over-year; adjusted EBITDA was $4.63 billion, up 73% year-over-year; operating income (EBIT) was 40.1 billion, a year-on-year increase of 117%. Cargo volumes in the first half of the year were 1.715 million TEU, down slightly from the same period last year.
Yixing said that the main reason for the significant increase in performance was the high container freight rate. Average freight rates in the second quarter were $3,596/TEU, up 54% year over year. Yixing's average freight rate in the first half of this year was US$3,722/TEU, a year-on-year increase of 73.5%.
Eli Glickman, President and CEO of Istar, said: "We reported strong second-quarter results and our best first-half results ever, with outstanding margins and among the best among our peers. We have maintained strong execution during this period. strength, flexibility and a commitment to profitable growth, while continuing to elevate Estar as the innovative digital leader in maritime transport.”
"We have seen a gradual decline in freight rates over the past few weeks, including on trans-Pacific routes, despite persistent port congestion and resilient demand driven by macroeconomic and geopolitical uncertainty," Glickman said.
“Our global niche strategy is focused on successfully identifying attractive growth opportunities and adjusting the size of our fleet to changing market conditions. A prime example of this is the growth of our motor transport business, from two One vessel operating a year ago has grown to 10 car carriers today. We believe this will continue to work in our favour as the market is expected to return to normal from peak levels,” he added.
Glickman concluded: "Despite the challenges, based on our strong year-to-date performance and the fact that spot and contract rates remain highly profitable, we have revised our outlook for 2022, which will mark another profitable and A record profit year."
Yixing adjusted its previously announced 2022 full-year performance forecast and expects adjusted EBITDA for the full year of this year to be between $7.8 billion and $8.2 billion, and adjusted EBIT to be between $6.3 billion and $6.7 billion.
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