ZIM ends second quarter with "an improvement in all operational parameters"
Israeli shipping company ZIM has released the company's quarterly earnings, recording an EBITDA of USD36 million compared with a negative EBITDA of USD6 million in the previous quarter – a "USD42 million improvement despite difficult market conditions and further decrease in freight rates in Q2".
"ZIM continues to enjoy full support from all its creditors that have agreed to continue the process of reaching the new business plan," the company commented.
"This agreement is a major and significant step towards a long-term plan that will enable financial stability in the face of multiple challenges and changing market conditions, and is a testimony of the trust the company enjoys from all parties involved."
As a part of the company's efficiency plan, ZIM has reached an agreement with the company's employees' union and Histadrut, Israel's organisation of trade unions, over the early retirement of 100 of the company's employees.