compared to a loss of us$111 million in the first quarter of 2011; though higher container volumes, amounting to 596,000 TEUs, compared with 555,000 TEUs in the last quarter
ZIM Integrated Shipping Services Ltd. recorded a loss of US$68 million in the second quarter of 2011 compared with a US$3 million profit in the same quarter last year, and compared to a loss of us$111 million in the first quarter of 2011.
ZIM continues to grow in spite of difficult market conditions and recorded a significant increase both in revenues and in quantities carried in the second quarter of the year.
Zim’s revenues in the quarter totaled US$1 billion compared with US$912 million in the first quarter and US$933 million in the parallel quarter of last year, an increase of 10% compared with the first quarter of this year and seven percent compared to the parallel quarter.
The increase is a result of higher container volumes, amounting to 596,000 TEUs, compared with 555,000 TEUs in the last quarter and 547,000 TEUs in the parallel 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 US$1,307, compared to US$1,360 in the last quarter.
Zim recorded an operating loss of US$79 million in the second quarter compared with an operating loss of US$7 million in the previous quarter.
Zim recorded financing income of US$11 million compared with financing expense of US$105 million 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 US$13 million. The company’s financial assets at the end of the quarter amounted to US$386 million.
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.
