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ZIM: $58.8 million profit in the 2nd quarter; announces new buildings

In a press conference, ZIM presented a $58.8 million profit in the 2nd quarter. Zim's executives announced a new building plan for 8X4,250 TEU’s vessels and 4X6,350 TEU’s vessels
19.08.04 / 00:00
ZIM’s Chairman of the Board, Udi Angel (right) and
19.08.04
ZIM’s Chairman of the Board, Udi Angel (right) and

In a press conference held on 18th of August in Tel Aviv, ZIM’s Chairman of the Board, Udi Angel, CEO Dr. Yoram Sebba, and Chief Financial Officer, Mr. Rafi Danieli, presented Zim’s financial results for the 2nd quarter. They also announced a new building plan for 8X4,250 TEU’s vessels and 4X6,350 TEU’s vessels.
 
Main Financial Results January-June 2004:
- Zim’s Net profit for the 2nd quarter was $58.8 million.
 
- The increase in profits is partly due to a change in tax regulations and capital gains from selling of 2 vessels. After accounting for the one-time profits, the results of the 2nd quarter are $20 million compared with $17M in the 1st quarter.
 
- Net profit for the equivalent period in 2003 was $3.4 million. 
 
- Turnover for the period was $1142.9 million compared with $960 million last year. The increase in turnover represents a 10.2% rise in number of containers carried to 974,000, and an average increase of 9.5% in freight rate.  
 
- Turnover for the 2nd quarter was $588.6 million compared with $499.6 million in the equivalent quarter last year.
 
- Profit from ordinary operations in the period was $60 million, compared with $20.3 million last year. The profit Increase in the first half of 2004 was affected by an increase in average freight rate per container and number of containers carried, accounting for the increase of charter hire expenses (about 66%), and other factors.
 
- Net profit in the reported period was $75.8 million compared with $5.7 million in the equivalent period last year.
 

Zim operated 89 vessels (26 owned or partly owned) and 268,000 containers.


Strategic Plans
 
ZIM’s CEO Dr. Yoram Sebba presented the company’s strategic plans, including an $820 million building plan of 12 container vessels, to be completed by early 2009.

The new vessels will upgrade ZIM’s AMP Global Service to faster and larger vessels (4250 TEU’s) while four 6,350 TEU’s vessels are planned to join the Asia-North Europe Service.

This is the first time ZIM will introduce post-panamax vessels to this trade.
The 8X4,250 TEU’s vessels are planned to go into service in 2006/7 and the 4X6,350 TEU’s vessels during 2008/9. 
 
The company examines several options to finance the new buildings, including floating of shares in the stock market at a later stage.    
 
Dr. Sebba also announced the establishment of a fully-owned company offering an array of shipping-related services, which will contribute up to 25% of the company’s income. Entering shipping-related activities through the new fully-owned company will enable ZIM to offer services throughout the supply chain. 
 
The plan, which is subject to approval by the company’s relevant body, is expected to increase the company’s turnover to over 3.5 billion dollars within 5 years.  
 
Dr. Sebba said the strategic development plans of the company gained a momentum after the privatization of ZIM early this year.

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