The Israeli shipping company ZIM reported 7 million USD net profit in 2015, despite the losses in the fourth quarter amid falling freight rates to record low levels. The adjusted earnings before interest and taxes (EBIT) amounted to 118 million USD, while the revenues decreased by 12% yoy to 3 billion USD. ZIM claimed its EBIT margin of 3.9% put it among the top-performing ocean shipping operators, though it posted a negative 0.7% margin in the final three months of the year. The company’s shipments for the year decreased by 2% yoy and amounted to 2.3 million TEU, but the average freight rates dropped by 9% yoy to 1126 USD per TEU.
“The comprehensive structural, operational and organizational changes we have implemented in recent years enabled us to achieve operating margins ranked among the top in the industry, despite continued overcapacity and freight rate deterioration”, said the CEO and president of ZIM, Rafi Danieli.