ISRAEL's Zim Integrated Shipping Services reversed itself out of a US$198 million net loss with a $7 million net profit in 2015, drawn on revenues of $2.99 billion, down 12 per cent year on year.
Zim back in black with US$7 million profit after $198 million loss last year ISRAEL's Zim Integrated Shipping Services reversed itself out of a US$198 million net loss with a $7 million net profit in 2015, drawn on revenues of $2.99 billion, down 12 per cent year on year. The fourth-quarter figures highlighted the downturn in the global container market that has hit the finances of most carriers, including top rated Maersk Line. "The comprehensive structural, operational and organisational changes we have implemented in recent years enabled us to achieve operating margins ranked among the top in the industry, despite continued overcapacity and freight rate deterioration," said Zim CEO and president Rafi Danieli. But fourth quarter revenue fell 15 per cent to $687 million from $813 million as a 21 per cent dive in the average freight rate to $988 per TEU more than offset a five per cent increase in traffic to 590,000 TEU. Zim earned $217 million before interest, tax, depreciation and amortisation against an $18 million loss in 2014. The carrier claimed its EBIT margin of 3.9 per cent put it among the top-performing ocean carriers, though it posted a negative 0.7 per cent margin in the final three months of the year.
