ZIM made an adjusted net profit of US$50 million in 2017, compared to an adjusted net loss of US$150 million in 2016, according to annual results released by the Israeli shipping company.

ZIM’s total revenue for the year came to US$2.98 billion, a year-on-year increase of 17%. Adjusted EBITDA was US$270 million, compared to US$47 million in 2016.

The shipping line carried 2,629,000 TEUs in 2017, 8% more than in 2016 and an all-time record. The average freight rate per TEU was US$995, a year-on-year increase of 10%.

“I’m proud to say that ZIM’s financial results position us at the very top of the shipping industry,” said Eli Glickman, president and CEO of ZIM. “ZIM is undergoing a profound process of change and improvement in all aspects of its activity, as is evident from its 2017 results. Our well efficient network of shipping lines has proved reliable and able to provide excellent service levels to our customers. We lead the introduction of innovative digital solutions that will enable us to cater for changing market needs swiftly and efficiently. ZIM continues with its relentless efforts to improve customer service and to cost reductions, in order to achieve profitability. At the same time, the long-term overcapacity in the market and rising bunker rates continue to burden the industry as a whole.”