Zim records $1bn in revenue for Q2 2011
Zim’s revenues in the quarter totalled $1bn compared with $912m in the first quarter and $933m in the same quarter of last year, an increase of 10% compared with the first quarter of this year and 7% compared to the 2010 quarter.
The increase is a result of higher quantities carried, amounting to 596,000 TEU’s, compared with 555,000 TEU’s in the last quarter and 547,000 TEU’s in the same quarter last year, an increase of 7% and 9% respectively.
However, as a result of the difficult market conditions prevailing in the shipping industry, the average freight rate per TEU carried in the second quarter was $1,307, compared to $1,360 in the last quarter. Among other things, the downswing in freight rates is due to an increase in the number of active vessels in the market, owing to the increased deployment of new ships in the first half of 2011.
Zim recorded an operating loss of $79m in the second quarter compared with an operating loss of $7m in the previous quarter.
In spite of the difficult market conditions, the company recorded a positive cash flow from operating activity in the first half of 2011 as well as a positive EBITDA of $13m.
Zim’s financial results continue to be close to the average operating income in the liner shipping industry, a fact reflecting the efficiency measures and strategic changes being introduced by the company, according to the strategic plan formulated in 2010 which is currently being implemented.
Quelle: eyefortransport
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