World News
Zim Upbeat on Improved Performance, but Still in the Red
Despite staying in the red for a third consecutive quarter, Israli box carrier Zim Integrated Shipping Services Ltd. (ZIM) was upbeat on a 3Q 2016 performance that showed a marked improvement over 2Q 2016.
Overall, ZIM posted a net loss of $37.6 million in the third quarter of 2016, compared to a loss of $74.2 million in Q2 2016 and a profit of $11.1 million seen in the same period last year - a decline that the company attributes to the deterioration in the container shipping market.
During 3Q 2016, ZIM carried 622,000 TEU, a 7.1 percent increase compared to 581,000 TEU in the same period of 2015.
However, the company's average revenue per TEU declined by 20.8 percent in Q3, decreasing to $887 compared to $1,120 during 2015's Q3.
Looking ahead, Zim says that, although market conditions "remain challenging," the company fully expects to weather the current downturn.
"Our strategy, operating as a global niche carrier focusing on select markets, along with intensive investment in customer service, will improve ZIM’s position to endure the crisis and plan ahead for future growth," said Rafi Danieli, ZIM’s President and CEO.
Last month, Adrian Tolson, Senior Partner at 20|20 Marine Energy, said that "there are rumors that Zim is now looking to turn itself into a regional Mediterranean carrier."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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