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2013 September 4   10:39

ZIM's second-quarter revenues rise 6% to $976m

The Company recorded an EBITDA of $36 Million, compared with $6 million a year earlier, which is a $42 million improvement. This was achieved despite difficult market conditions and further decrease in freight rates in Q2, the shipping company said in its press release.

Revenues in Q2 amounted to $976 million, which reflect an increase of  6% compared with the previous quarter. The growth in revenues, despite a decrease in the average freight rates per TEU, which went down 3%, compared with the previous quarter (from $1,282 per container in the previous quarter to $1,246 per TEU in the current quarter), was achieved mainly due to a 5% increase in volume of carried TEUs, to 631,000 TEUs.

ZIM's operational loss amounted to $5 million (excluding one-time cost of $24 million for employees early retirement) compared with an operational loss of $47 million in the previous quarter – a $42 million improvement.

Operating cash flow in Q2 amounted to $5 million, compared with a negative operating cash flow of $28 million in the first quarter, a $33 million improvement.

In the bottom line ZIM recorded in the quarter a $72 million loss (excluding one-time cost of $24 million for employees early retirement) compared with a loss of $110 million – a $38 million improvement.

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