Israel Corp has called a shareholders’ meeting for October 14 to approve the Company’s recovery plan. ZIM’s CEO: an important step in stabilizing ZIM’s financial position
The Board of Israel Corporation has approved ZIM Integrated Shipping Services’ transaction report. ZIM CEO, Rafi Danieli, said the approval marked an important step in stabilizing ZIM’s financial position in the depths of a major industry downturn. Israel Corp has called a shareholders’ meeting for October 14 to approve the Company’s recovery plan.
Rafi Danieli said: “This is the deepest, most severe shipping crisis in memory, affecting every operator in the industry. From the beginning of the downturn ZIM has taken every necessary step to lessen the impact on our business.
The Company’s recovery plan includes a number of initiatives to significantly streamline operations – several of which are ongoing. Shipping lines have been rationalised and rearranged, leased ships have been returned to their owners, and the supply of newvessels from shipyards has been postponed.
The recovery plan will also reduce operational and administrative expenses, including redundancies, as staff numbers are rationalized to meet existing activity levels.
While the current downturn is predicted to continue for some time, ZIM anticipates a positive reaction to its recovery plan as it trades its way back to a strong financial position. Throughout the downturn the Company has maintained an intense focus on delivering its full range of integrated shipping services to its customers without interruption, and it continues to meet all suppliers’ obligations.
Danieli added: “Throughout this downturn we have continued to communicate with all of our stakeholders in order to secure the financial position of the business. We’ve been completely transparent in our dealings as we focus on building a recovery plan thatwill benefit the company, our staff, customers and lenders.”