ZIM 2022 revenue up 12% at $12.5bn

Carried volume dropped 3% to 3.3 million while average freight rate increased 16% to $3,240/TEU from $2,786/TEU in 2021.

ZIM reported a flat net income of $4.63 billion ($4.6 billion in 2021) while adjusted EBITDA increased to $7.54 billion and adjusted EBIT was up at $6.15 billion.

Q4 shocker: 75% drop in net income to $417 million on 41% drop in average freight rate to $2,122/TEU. Revenue was down 37% to $2.2 billion and adjusted EBITDA dropped to $973 million.

Over the past two years, we have taken important steps amidst a highly lucrative market to best position ZIM to execute in a more normalised trading environment: Eli Glickman

ZIM is expecting a sharp decline in adjusted EBITDA of $1.8-2.2 billion and adjusted EBIT of $100-500 million for 2023.

While 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: Eli Glickman

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