ISRAEL Zim Integrated Shipping Services posted a third quarter net profit of US$11 million after reporting a net loss of $63 million for the same period last year with quarterly profits drawn on revenues of $749 million, which fell 12 per cent.
Zim Integrated Shipping Services (Zim) said its third quarter 2015 result makes this the fourth consecutive quarter of positive operational income for the Haifa-based company.
Net profit for the nine months ending September 30 was $35 million, compared to a loss of $39 million for the same period last year.
But Zim goes on to note that historically low freight rates resulted in total revenues in the third quarter decreasing 12 per cent to $749 million, compared to $854 million for the same period last year.
Zim also says it carried 581,400 TEU in third quarter, a one per cent more year-on-year, but because of weak freight rates, revenues fell 12 per cent.
Operating cash flow was $17 million, compared to $37 million for the third quarter of 2014 and Zim achieved a quarterly adjusted EBITDA of $38 million and $197 million for the first nine months.
During the quarter the company launched its new Z7S line, it claim is one of the fastest and most reliable connecting South China, South East Asia, the Indian sub-continent and the US east coast via the Suez Canal.
Zim said this launch "is well aligned with the company's strategy to strengthen its presence in US east coast as well as other growing trades around the world.
"The Z7S service has enabled the company achieve a leading and dominant position in the important Asia-US east coast trade," said the Zim statement.
WORLD SHIPPING
01 December 2015 - 22:16
Zim back in black, quarterly profit hits US$11 million, but sales fall 12pc
ISRAEL Zim Integrated Shipping Services posted a third quarter net profit of US$11 million after reporting a net loss of $63 million for the same period last year with quarterly profits drawn on revenues of $749 million, which fell 12 per cent.
WORLD SHIPPING
01 December 2015 - 22:16
Zim back in black, quarterly profit hits US$11 million, but sales fall 12pc
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