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ZIM has recently published the 2010 2nd quarter results, showing an operational profit before depreciation and interest (EBITDA) of 87 Million US$ and a positive cash flow from operating activities of 94 Million US$. Turnover amounted to 933 Million US$, a 72% increase compared to the same quarter of 2009. In addition, ZIM recently took delivery of the last two Mega Ships out of a series of 8, planned to be delivered in 2009-2010. The project was backed and financed by an international banking consortium. Allon Raveh, ZIM’s CFO, said: “The rating upgrade is a clear indication that financial arrangement we reached last year is proving itself successful. It underlines the fact that the financial arrangement was the correct move for all parties concerned, including the bond holders. Our bonds are now back to the rating they had before the crisis, and completed 10 grades increase, which could not have been achieved without the arrangement. Looking ahead, there is still a degree of uncertainty in the global markets; however we have completed the first half of 2010 according to our business plan, and enjoy full backing from the banking system. I believe these are the reasons which led S&P to such a sharp increase in our rating.” ZIM Integrated Shipping Services press release |
