ZIM Achieves Improved Results in Q1
In the face of tough business environment, ZIM Integrated Shipping Services (ZIM) continues to outperform the industry and achieve improved results, claims a statement from the company.
ZIM's operating cash flow for Q1 2017 was $33.8 million, compared to negative $14.6 million in Q1 2016. ZIM posted adjusted EBITDA of $57.4 million in Q1 2017, an improvement compared to $8.2 million in Q1 2016
ZIM’s Q1 results reflect the constant improvement in the company’s performance, as a result of the comprehensive transformation the company has implemented in recent years.
The company’s performance has been improving since the middle of 2015 and the adjusted EBIT of Q1 2017was the highest since then.
Rafi Danieli, ZIM’s President & CEO, said: “With the new alliances’ structure in place, ZIM, as an independent, global niche carrier, can offer unique advantages to customers and is well prepared for the current market challenges. The renewed network of services we introduced in April is aimed at enhancing our ability to improve our performance and achieving better results, while providing superior services to our customers.“
The company said that the shipping liner industry has been going through major developments and changes in the last year, with the increased mergers and acquisitions and the changes in the alliances’ structure.
Since Q3 2016 we have been witnessing a positive trend in the industry with slightly improved freight rates in some trades. However, market conditions on the whole remained challenging and volatile.
