Israeli container shipping company ZIM reported a net income for the three months ended September 30, 2015 of USD 11 million, compared to a net loss of USD 63 million for the same period in 2014.
However, the company posted a 12 percent decrease in its total revenues to USD 749 million in the third quarter of 2015, compared to USD 854 million in the corresponding period of 2014.
According to the company, the revenues were negatively influenced by the average freight rate of USD 1,120 per TEU carried in the third quarter of 2015, a 13 percent decrease compared to the same period in 2014.
The company carried a total of 581,400 TEUs in the third quarter of 2015, a mere 1 percent increase from the last year’s results. Carried quantities were negatively affected by lower global demand during the quarter, offset by the positive contribution of the new Z7S service launched earlier in the year, according to the company.
“The quarter was characterized by a challenging market environment with freight rates reaching historic lows in several key trades,” ZIM said.
For the nine month period ended September 30, 2015, the company reported a net income of USD 35 million, compared to a net loss of USD 192 million for the same period in 2014.
The company expects that the launch of the new Z7S line, connecting South China, South East Asia, the Indian sub-continent and the U.S. East Coast via the Suez Canal, will “strengthen its presence in U.S East Coast as well as other growing trades around the world.”
Source: World Maritime News
Source: World Maritime News