Zim Integrated Shipping Services swung to a slim $3 million second quarter net profit from a $186 million loss a year ago as the Israeli carrier's enforced restructuring program coincided with a rebound in container shipping.
The carrier, which was close to collapse a year ago, boosted revenue 72 percent to $933 million from $542 million in the second quarter of 2009.
Zim's parent, Israel Corp., linked the improved second quarter performance "not only to the dramatic improvement in the terms of trade in the global shipping industry, but also to the streamlining and restructuring measures that Zim is undertaking."
The second quarter results were a major advance on the first three months of the year, when Zim booked a loss of $82 million compared with $119 million in the year-earlier period.
Israel Corp. shareholders approved a debt restructuring plan for Zim in November which involved a $450 million cash injection coupled with a cost cutting program, layoffs, cancellation of ship orders and renegotiation of ship charters.
Zim lost $332 million in 2009 compared with a year earlier loss of $432 million. Zim is the world's 16th largest carrier with a fleet of 96 owned and chartered ships with a combined capacity of 324,726 20-foot equivalent units, according to Alphaliner, the Paris-based consultancy.
Zim has 16 ships totalling 150,400 TEUs on order, representing 32 percent of its existing capacity.
The carrier, which was close to collapse a year ago, boosted revenue 72 percent to $933 million from $542 million in the second quarter of 2009.
Zim's parent, Israel Corp., linked the improved second quarter performance "not only to the dramatic improvement in the terms of trade in the global shipping industry, but also to the streamlining and restructuring measures that Zim is undertaking."
The second quarter results were a major advance on the first three months of the year, when Zim booked a loss of $82 million compared with $119 million in the year-earlier period.
Israel Corp. shareholders approved a debt restructuring plan for Zim in November which involved a $450 million cash injection coupled with a cost cutting program, layoffs, cancellation of ship orders and renegotiation of ship charters.
Zim lost $332 million in 2009 compared with a year earlier loss of $432 million. Zim is the world's 16th largest carrier with a fleet of 96 owned and chartered ships with a combined capacity of 324,726 20-foot equivalent units, according to Alphaliner, the Paris-based consultancy.
Zim has 16 ships totalling 150,400 TEUs on order, representing 32 percent of its existing capacity.