Yixing (ZIM) on Wednesday announced its consolidated results for the second quarter and first half ended June 30, 2022.
According to the performance report, the total revenue of Yixing in the second quarter of 2022 was US $3.43 billion, up 44% year on year. Net profit was US $1.34 billion, up 50% year on year. Adjusted EBITDA was US $2.1 billion, up 57% year on year. Container freight volume in the second quarter was 856000 TEU, down 7% year-on-year.
's total revenue in the first half of 2022 was US $7.15 billion, up 73% year-on-year. Net profit was US $3.05 billion, up 106 year-on-year. Adjusted EBITDA was US $4.63 billion, up 73% year-on-year. Operating income (EBIT) was US $4.01 billion, up 117 year-on-year. Freight volume in the first half of the year was 1.715 million TEU, a slight decrease from the same period last year.
According to, the main reason for the significant increase in performance is high container freight rates. The average freight rate in the second quarter was US $3,596/TEU, up 54% year-on-year. The average freight cost in the first half of this year was US $3722/TEU, up 73.5% year on year.
Eli Glickman, president and chief executive officer of Star, said: "We reported strong second-quarter results and our best-ever first-half results, with outstanding profit margins and top of our peers. During this period, we maintained strong execution, flexibility and commitment to profitable growth, while continuing to enhance Star's position as a maritime transportation innovation digital leader."
Glickman said: "In the past few weeks, we have seen freight rates gradually decline, including trans-Pacific routes, although driven by macroeconomic and geopolitical uncertainties, port congestion continues and demand is elastic."
"The focus of our global niche strategy is to successfully identify attractive growth opportunities and adjust our fleet size to changing market conditions. A prime example of this is the growth of our motor transport business, which has grown from one ship operating two years ago to 10 motor transport vessels today. We believe that this approach will continue to be beneficial to us as the market is expected to return to normal from peak levels." He added.
Glickman concluded: "Despite various challenges, based on our strong performance so far this year and the fact that spot and contract freight rates remain high in profitability, we have adjusted our 2022 performance expectations, which will mark another profit and profit record year."
Exing adjusted its previously announced 2022 full-year performance forecast, and expects this year's full-year adjusted EBITDA to be between US $7.8 billion and US $8.2 billion, and adjusted EBIT to be between US $6.3 billion and US $6.7 billion.
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