Zim loses $276 million in 2011

   The liner carrier Zim Line sustained an operating loss of $276 million in 2011, compared to an operating profit of $223 million in 2010, the line said in a statement last week.
   Zim’s revenue increased 2 percent year-on-year, to $3.8 billion in 2011, while container volume increase 9 percent, to 2.4 million TEUs.
   The loss dragged down the performance of the company’s parent, Israel Corp., from $473 million in 2010 to $151 million in 2011.
   “While in the past Zim’s performance was below the average of liner industry, in recent quarters Zim has closed the gap and its operating margins are now in line with the industry average,” the line said in a statement, also noting that “a new business plan has been completed and agreed upon by all relevant banks, and financial covenants have been adjusted accordingly, to reflect market conditions.”
   “We believe that the updated business plan, with the support of our shareholders and banks, puts Zimon on a stable financial basis, and well set for 2012,” said Zim CEO Rafi Danieli.