Israeli shipping line Zim saw revenues for the second quarter of 2010 increase by 72 per cent compared with the year-earlier period, to some US$933m (€725m).
The increase was attributed to a rise in quantities of cargo carried, higher freight rates, income from uncompleted voyages and revenues from subsidiaries, according to Port2Port.
This return to profit came well ahead of the timetable laid out in the company's business plan.
Zim’s net income for the second quarter totalled US$3m (€2.3m) compared with a loss of US$186m (€145m) for the same period of 2009.
Meanwhile, operating income reportedly reached US$46m (€36m) and EBITDA rose to US87m (€68m).
Nir Gilad, chairman of Zim and CEO of Israel Corp, commented, “Last year, Zim completed complex global financial restructuring,the execution of which required, among other things, a massive injection of capital by Zim’s main shareholder, Israel Corporation. The dramatic improvement that Zim has achieved in the second quarter confirms that Israel Corporation’s strategic decision, which was in its own interest, to support Zim by injecting this massive capital, which was also authorized by the General Assembly, has proven itself so far.'
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