American Shipper

ZIM BACK IN PROFIT FOR 1998

ZIM BACK IN PROFIT FOR 1998

   Zim Israel Navigation achieved a pre-tax $0.4 million profit in 1998,
recovering from a $49.5 million loss in 1997.

   The improvement comes despite worsening freight rates and cargo
imbalances, and is attributed to reducing operating and management expenses. Container
volumes carried increased by 8 per cent to top 1million TEU for the first time and 75 per
cent of shipping revenues came from trade routes outside Israel.

   In the fourth quarter of 1998 Zim’s net income was $2.6 million,
compared with a loss of $7.2 million for the same period in 1997. The quarter’s
profit from operations was $19.2 million, compared with $6.9 million before