ZIM Integrated Shipping Services Ltd. reported robust financial results for the third quarter of 2024, with total revenues reaching $2.77 billion, a 117% increase compared to $1.27 billion in Q3 2023. The company achieved a net income of $1.13 billion, a significant turnaround from a net loss of $2.27 billion in the prior year's quarter.
Adjusted EBITDA for Q3 2024 was $1.53 billion, up 626% from $211 million in Q3 2023, with an Adjusted EBITDA margin of 55%. Carried volumes increased by 12% year-over-year to 970 thousand TEUs, and the average freight rate per TEU rose by 118% to $2,480.
In light of its strong performance, ZIM increased its full-year 2024 guidance, now expecting Adjusted EBITDA between $3.3 billion and $3.6 billion, and Adjusted EBIT between $2.15 billion and $2.45 billion. The company also declared a total dividend of approximately $440 million, or $3.65 per share, comprising a regular dividend of $2.81 per share and a special dividend of $0.84 per share, payable on December 9, 2024.
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