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The Israeli carrier ZI[ds_preview]M reports a revenue slide after the 3rd quarter and a loss of 37.6 mill. $ against a profit of 11 mill. $ last year.

The figure was less than the loss of 74.2 mill. $ recorded in the second quarter of 2016, though. Revenue has shrunk from to 749 mill. $ to 643.9 mill. $ due to a sharp downfall of freight rates, said the company.

ZIM carried 622,000 TEU in the period, up from 581,000 a year ago (+7.1 %). But the average revenue per TEU fell by 21 % to 887 $ on average, compared to 1,120 $ in the same period of 2015.

ZIM
ZIM-CEO Rafi Danieli

Despite the »distressed« market conditions Zim claimed improvements on most parameters compared to Q2 2016. Adjusted EBIT was negative 14.4 mill. $, compared to –40.5 mill. $ for Q2 2016 and +12.3 mill. $ for Q3 2015.

Adjusted EBITDA was 10.5 mill. $, compared to –15.9 mill. $ for the Q2 2016 and +37.8 mill. $ for Q3 2015. Operating cash flow was +12.7 mill. $, compared to 17.6 mill. $ for the Q2 2016 and 16.9 mill. $ for Q3 2015.

»ZIM continues to achieve improved adjusted EBIT margins, well above industry average«
CEO Rafi Danieli

»Our strategy, operating as a global niche carrier focusing on select markets, along with intensive investment in customer service, will improve our position to endure the crisis and plan ahead for future growth,« said Danieli.

ZIM is one of only a few smaller independent lines left after recent mergers, the others being OOCL and Yang Ming. The Israeli carrier is seen as being »most at risk« to be taken over by a bigger peer.