Zim Integrated Shipping Services said it completed the sale of its 8 percent stake in a joint venture that plans to build and operate about 18 rail freight terminals in China.
The Israeli ocean carrier, which suffered losses in 2009, has been shedding some of its operations to stay afloat during the downturn.
The sale price of its Chinese rail freight stake, which it announced last spring, was about $29 million.
Zim’s parent, Israel Corp., said its does not expect the capital gain on the sale to be material to its results.
Zim turned the corner this year, posting a $37 million net profit in the third quarter after losing $208 million a year ago as increased cargo volume, higher freight rates and lower costs helped the company back toward recovery from near collapse in 2009.
The Israeli ocean carrier, which suffered losses in 2009, has been shedding some of its operations to stay afloat during the downturn.
The sale price of its Chinese rail freight stake, which it announced last spring, was about $29 million.
Zim’s parent, Israel Corp., said its does not expect the capital gain on the sale to be material to its results.
Zim turned the corner this year, posting a $37 million net profit in the third quarter after losing $208 million a year ago as increased cargo volume, higher freight rates and lower costs helped the company back toward recovery from near collapse in 2009.