As opposed to other major carriers, ZIM relies heavily on the chartering of ships. As of May 2023, only 8 of ZIM's ships were owned by the company, while 131 were chartered.
For most of 2022, however, freight rates were falling and finally plateaued in the first months of 2023, reaching nearly the pre-pandemic levels. It can thus be expected that in 2023, the profits of shipping companies will be lower compared with 2021 and 2022.
Container carriers benefiting from the COVID-19 pandemic
Global crises pose challenges and opportunities. While many industries suffered during the COVID-19 pandemic, the global container shipping industry has been one of the few sectors that benefited from the pandemic. Due to a convergence of factors—such as a low supply of shipping containers and soaring freight rates—profits of virtually all container ship operators increased dramatically throughout the pandemic. It has been estimated that in 2021 alone, container shipping companies generated some 110 billion U.S. dollars in profit, more than double the profit generated in the last decade.For most of 2022, however, freight rates were falling and finally plateaued in the first months of 2023, reaching nearly the pre-pandemic levels. It can thus be expected that in 2023, the profits of shipping companies will be lower compared with 2021 and 2022.
