Zim posted a loss of $61 million for the third quarter of 2008

The company lost $132 million in January-September, compared with a profit of $33 in the corresponding period. Israel Corp may inject US$150 million to Zim if needed
 
Israel Corporation reported last week a US$253 million profit for the third quarter of 2008. The major slice of the profit came from Israel Corporation's subsidiary Israel Chemicals.
 
Israel Chemicals contributed a $407 million profit to its holding company, five times its contribution in the corresponding period of 2007.
 
Israel Corporation subsidiary Zim Integrated Shipping Services Ltd. posted a loss of $61 million for the third quarter of 2008, compared with a profit of $18 million for the corresponding quarter of 2007.
 
The company lost $132 million in January-September, compared with a profit of $33 in the corresponding period.
 
The financial report issued by the holding company noted that Zim's revenue rose 13% to $1.18 billion for the third quarter compared to $1.05 billion for the corresponding quarter. However, a decline in freight rates and soaring fuel costs resulted in a gross loss of $31 million for the third quarter, compared with a gross profit of $73 million for the corresponding quarter.
 
Zim's revenues in January-September 2008 were up 23.5% (US$3.4 billion compared to US$2.75 billion for the corresponding period). The increase in revenue has been attributed to increase in quantities shipped as well as increase in revenues from its subsidiaries. During the period the average freight rate per TEU was up 9.9% and quantities shipped up by 10.7%. during the nine months period Zim carried TEU 1.96 million compared to TEU 1.74 million in the corresponding period.
 
In a statement to the Tel Aviv Stock Exchange Zim's holding company Israel Corp said last week it would be prepared to inject US$150 million if need be into its subsidiary Zim Integrated Shipping Services during 2009: "The company's willingness in principleis in light of the conditions in the shipping industry and international credit markets and their impact on Zim”.
 
Israel Corporation added that: "If the severe market climate in the shipping industry and financial markets continue, it is liable to affect the company's results, it ability to meet financial criteria, its credit rating, and ability to raise capital”.