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ZIM Turns Around, Posts Profit for 2017

ZIM Turns Around, Posts Profit for 2017
The biggest cargo shipping company in Israel ZIM Integrated Shipping Services (ZIM) has posted adjusted net profit of $50 million in 2017, compared to adjusted net loss of $150 million in 2016.

The net Profit was $11 million, compared to net loss of $163 million in the comparable period of 2016. It has recorded a total revenues were $2.99 billion in 2017, compared to $2.54 billion in 2016, registering a 17% increase.
 
During 2016-2017, the container shipping industry went through a structural change as a result of the extensive activity of mergers and acquisitions that also led to reorganization of the global alliances. 
 
Since Q3 2016 we have been witnessing a positive trend in the industry with improved freight rates. However, the overcapacity still exists in the market and market conditions, on the whole, remained volatile, as freight rates partially decreased towards the end of 2017.
 
In the face of this dynamic and challenging business environment, ZIM continues to outperform the industry and achieve improved results. ZIM’s 2017 results reflect the constant improvement in the company’s performance, as a result of the comprehensive transformation the company has implemented in recent periods.
 
Eli Glickman, ZIM’s President & CEO, said: “I’m proud to say that ZIM’s financial results position us at the very top of the shipping industry. ZIM is undergoing a profound process of change and improvement in all aspects of its activity, as is evident from its 2017 results. Our well efficient network of shipping lines has proved reliable and able to provide excellent service levels to our customers."
 
Eli added: "We lead the introduction of innovative digital solutions that will enable us to cater for changing market needs swiftly and efficiently. ZIM continues with its relentless efforts to improve customer service and to cost reductions, in order to achieve profitability. At the same time, the long-term overcapacity in the market and rising bunker rates continue to burden the industry as a whole.”

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