Israeli shipping company Zim has finished the third quarter with an EBITDA of US$145 million compared to a negative EBITDA of US$109 million in the same quarter last year.
Zim's net income for the quarter was US$37 million, as opposed to a loss of US$208 million for the same quarter of last year.
"The improvement in the global trade conditions is an important factor contributing to Zim's strong results in the third quarter," said Nir Gilad, Zim's Chairman and Israel Corporation CEO.
"The improvement in market conditions is very encouraging, however it should be remembered that the market has not yet reached full stability and that certain volatility in the shipping industry is possible."
Cash flow from operating activity in the first nine months amounted to US$268 million compared to cash flow from operating activity in the corresponding period of last year of approximately US$303 billion, which is an increase in cash flow from operating activity of approximately US$571 million.
Revenues for the third quarter were US$1,054 million compared to US$596 million in the comparable quarter of last year, an increase of approximately 77 percent. The increase in revenues resulted primarily from a growth in quantities of cargo carried, higher freight rates, and income from other services.
Approximately 596,000TEU were carried in the third quarter, compared to 455,000 during the comparable quarter of 2009.
In the first nine months of this year, ZIM carried 1,653 million containers compared to 1,302 million containers last year, an increase of approximately 27 percent.
In November 5, 2010 Zim sold its stake in the container terminal in Nigeria, and the buyer, a Chinese company, paid US$154 million.
As a result of this transaction, Zim is expected to record a gross profit of US$120 million (before taxes).
In September 26 2010, S&P announced that it raised Zim's bonds' rating to ilBB+ with a positive outlook.
