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Indiaexportnews.com

Zim back in black with US$12 million quarterly profit

  21.08.2015    

Israeli flag carrier Zim reversed out of last year's US$64.7 million second quarter loss with a US$12 million quarterly net profit this year, drawn on revenues of $763 million, down 14.6 per cent year on year, according to Shipping Gazette.
First half profit for the period was $23.7 million against last year's corresponding six-month loss of $128.9 million.
Zim lifted 577,000 TEU in the second quarter, reflecting a six per cent year-on-year decrease, mostly the result of terminating a service from Asia to northern Europe and withdrawing from trades not part of the company's business focus, as well as a decline in demand in the Asia-Mediterranean trade route.
As a result of lower container volumes and freight rates, revenues in the second quarter of 2015 were down. Average freight rate per TEU was $1,150 in the second quarter of 2015, a five per cent year-on-year reduction.
During the second quarter of 2015, Zim launched operations of the Zim Seven Star Express (Z7S), a new line connecting South China, South East Asia and the Indian subcontinent and the US east coast via Suez.
Opening this line is part of Zim's strategy to develop the Asia-US trade route. Z7S is fully operated by Zim and provides one of the fastest services on the trade route between south China, Vietnam, Singapore and Sri Lanka to the US east coast and back, deploying ten 5,000-6,500 TEUers on a weekly schedule.
Zim was ranked first in schedule reliability and punctuality on the Asia-US east coast trade route in May and June 2015, according to a July 2015 SeaIntel report.



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