Zim Shipping

Israeli shipping firm Zim Integrated Shipping Services has announced a US$54m profit for 2010, compared with a loss of US$432m in 2009.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at US$403m, according to the company, compared with a loss of US$518m in 2009.

For the fourth quarter, the company recorded net income ofUS$96m, up from the year-earlier figure of US$81m.

Meanwhile, revenue grew by 43 per cent in 2010, to some US$3.7bn, which the company attributed to an increase in volumes handled, a rise in freight rates and additional income from subsidiaries.

Chairman Nir Gilad commented: “2010 was characterised by the recovery of the global shipping industry, which suffered the most severe crisis in history in 2009. The industry has moved towards stability and growth. It should be noted, however, that there is still a large supply and volatility in the shipping market, and oil prices adversely affect companies operating in the industry.”

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