ZIM reports strong Q2 22 numbers but volumes down 7%

Second quarter highlights follow:

– Net income for the second quarter was $1.34 billion (compared to $888 million in the second quarter of 2021), a year-over-year increase of 50%, or $11.07 per diluted share² (compared to $7.38 in the second quarter of 2021)

– Adjusted EBITDA for the second quarter was $2.10 billion, a year-over-year increase of 57%

– Operating income (EBIT) for the second quarter was $1.76 billion, a year-over-year increase of 52%

– Revenues for the second quarter were $3.43 billion, a year-over-year increase of 44%

– Carried volume in the second quarter was 856 thousand TEUs, a year-over-year decrease of 7%

– Average freight rate per TEU in second quarter was $3,596, a year-over-year increase of 54%

– Net leverage¹ ratio of 0.1x at June 30, 2022, compared to 0.0x at December 31, 2021

– Declared dividend of approximately $571 million, or $4.75 per share, representing approximately 30% of second quarter net income and a 10% onetime catch-up from the Q1 2022 net income

To read the full release, please click here.

SEEKING ALPHA reports:

– ZIM Integrated Shipping Services (NYSE:ZIM) declares $4.75/share quarterly dividend.

– The amount reflects 30% of second quarter 2022 net income plus a one-time catch up of 10% of Q1 2022 net income.

– Forward yield 37.33% [annualised]

– Payable Sept. 8; for shareholders of record Aug. 29; ex-div Aug. 26.

Stock down 5.4% to $48.1 in pre-market trade on Wednesday.