ZIM Cushions Dip in Revenue

Israeli container carrier ZIM ended 2014 with a USD 127 million net loss, a result described as a ”sharp improvement” when compared to USD 216 million net loss the company recorded in 2013.

The company carried 2.36 million TEUs in 2014, a 6% decrease compared with 2013. Most of the decrease was as a result of terminating the service from Asia to Northern Europe.The total revenues in 2014 amounted to USD 3.4 billion compared to USD 3.7 billion in 2013.

Despite lower volumes and revenue, ZIM improved its operating profit, partly due to reduced fuel costs in the latter part of 2014, the termination of non-profitable lines, and freight rate increases in some other lines.

The completion of the company’s USD 3.4 billion debt restructuring on July 16, 2014 also helped ZIM in reporting more positive results.

Other factors that led to improved results in 2014 were organizational changes and expanding the scope of cooperation with other shipping companies which was unattainable before finalizing the restructuring.

Rafi Danieli, ZIM President and CEO, said: ”The company recorded a sharp improvement in Q4, and continues to record a steady and ongoing improvement of its operating results. Through the implementation of our business plan, enhancing efficiency and improving our service and sales, we aim to continue in order to return to profitability and growth in 2015.”

 

Share this article

Follow World Maritime News

Posted on March 31, 2015 with tags , .

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >