Zim's CEO warns that "there is still a large supply and volatility in the shipping market."
Zim’s revenues in 2010 totalled $3,717 million compared to a total of $2,449 million last year. According to Zim, the increase in revenue stems primarily from an increase in quantities carried, increased freight rates and increase in income from subsidiaries, mainly from a container production company.
“2010 was characterised by the recovery of the global shipping industry, which suffered the most severe crisis in history in 2009,” commented Nir Gilad, Zim’s Chairman and Israel Corporation’s CEO. “The industry has moved towards stability and growth. It should be noted, however, that there is still a large supply and volatility in the shipping market, and oil prices adversely affect companies operating in the industry.”