“There will be a positive bottom line this year,” says Rafi Danieli, CEO of Zim Integrated Shipping Services, the Israeli ocean carrier that is finally emerging from seven straight years of mounting losses and a multibillion-dollar restructuring that saved it from bankruptcy.
In an interview with JOC.com in London, the 37-year Zim veteran exudes confidence that the Haifa-based carrier will be among the most profitable in the industry within four years.
Zim’s trajectory changed dramatically following a hard-fought $3.4 billion restructuring struck last July, including a $1.4 billion debt-for-equity swap that halved its interest payments and paved the way for a return to profitability.