The company carried TEU 509,000 during the first quarter, 24% more than the TEU 410,000 during the corresponding quarter
Israel Corporation one of Israel's largest holding companies and one of the top ten companies listed on the Tel Aviv Stock Exchange, in terms of market capitalization, reported last week slightly higher quarterly net profit, helped by a gain at its chemicals unit and a narrower loss at its shipping subsidiary.
The company posted $2.25 billion revenue for the first quarter, down from $2.56 billion for the corresponding quarter of 2009. Shipping unit Zim posted a narrower loss of $82 million from $119 million a year ago.
Zim Integrated Shipping Services Ltd. (ZISS) appears to be weathering the global shipping crisis. The company boosted its revenue by 20% to US$745 million for the first quarter from US$622 million for the corresponding quarter last year and narrowed its netloss to US$82 million from US$119 million. The company attributed the improvement to increased cargo shipments, which were partly offset by lower shipping prices.
Zim carried TEU 509,000 during the first quarter, 24% more than the TEU 410,000 during the corresponding quarter, but the average price per TEU fell 12% to $1,200 from $1,369. Fuel prices also rose 46%.
Zim made a net loss of $332 million in 2009 against a 2008 loss of $432 million but swung to a fourth quarter net profit of $81 million from a $199 million year-earlier loss. According to Paris-based consultant Alphaliner, Over the past year Zim has climbed from 18th to 15th in the ocean carrier rankings with a fleet of 98 owned and chartered vessels with a combined capacity of TEU 324,582.
