ZIM swings to profit in Q2 2017

Looking ahead, ZIM’s primary focus will be on profitability, and the Israeli ocean carrier will focus on markets where it has a competitive advantage, said Eli Glickman, the carrier’s president and chief executive officer.    Israeli ocean carrier ZIM recorded a net profit of $2.3 million for the second quarter of 2017, compared to a net loss of $74.1 million for the second quarter of 2016, the company said Wednesday.
   Eli Glickman, who took the helm as ZIM’s president and chief executive officer on July 1, told American Shipper the company was able to turn a profit due to cost reduction and efficiency, a change of the lines, and a change in market conditions.
   Revenues for the quarter totaled $745.7 million, surging 21.9 percent year-over-year.
   ZIM carried 659,000 TEUs during the quarter, up 6.7 percent from the second quarter of 2016, while the average freight rate per TEU stood at $1,007, up 16.3 percent.
   For the first half of 2017, ZIM recorded a net loss of $4.1 million, compared to a net loss of $130.4 million for the corresponding 2016 period.
   Revenues for the first half of 2017 reached $1.4 billion, surging 12.8 percent year-over-year, while volumes totaled 1.26 million TEUs, rising 5.2 percent.
   Looking ahead, Glickman said ZIM’s primary focus will be on profitability, and the carrier will also focus on markets where it has a competitive advantage. “We focus on achieving profitability through efficiency, innovation, and above all, reliable and agile services to our customers,” he said.
   ZIM, which has 4,200 employees, has over 70 lines and services, and calls 180 ports across the globe with a fleet of approximately 80 operated vessels.