Star Shipping’s third quarter net profit surged 28 times and its performance hit a record high

Zim Shipping (ZIM) recently released its financial report. Zim Shipping’s third-quarter revenue was US$1.0125 billion, the highest record in the past eight years. Compared with the US$842 million in the third quarter of 2019, it was an increase of 20.3%. Net profit in the third quarter was US$144.4 million, an increase of 2,818.4% compared with the US$5 million in the third quarter of 2019. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the third quarter of 2020 was US$262.1 million, a record high. Compared with the US$106.8 million in the third quarter of 2019, an increase of 145.4%. Adjusted EBIT (earnings before interest and taxes) for the third quarter of 2020 was US$189.4 million, a record high, while adjusted EBIT for the third quarter of 2019 was US$40.8 million, an increase of 364.2%. Operating cash flow in the third quarter of 2020 was US$245.1 million, a record high, while operating cash flow in the third quarter of 2019 was US$157.5 million, an increase of 55.6%.