Zim recorded a loss of US$68 million in the second quarter compared with a $3 million profit in the same quarter last year, and compared to a loss of $111 million in the first quarter of 2011Cargonews Asia reports. 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 totalled $1 billion compared with $912 million in the first quarter and $933 million in the parallel quarter of last year, an increase of 10 percent 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 seven and nine percent 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 $1,307, compared to $1,360 in the last quarter.
Zim recorded an operating loss of $79 million in the second quarter compared with an operating loss of $7 million in the previous quarter. Zim recorded financing income of $11 million compared with financing expense of $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 $13 million. The company’s financial assets at the end of the quarter amounted to $386 million.
Zim’s revenues in the quarter totalled $1 billion compared with $912 million in the first quarter and $933 million in the parallel quarter of last year, an increase of 10 percent 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 seven and nine percent 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 $1,307, compared to $1,360 in the last quarter.
Zim recorded an operating loss of $79 million in the second quarter compared with an operating loss of $7 million in the previous quarter. Zim recorded financing income of $11 million compared with financing expense of $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 $13 million. The company’s financial assets at the end of the quarter amounted to $386 million.