The Israel-based carrier ZIM has trebled its earnings in the 2Q15, announcing revenue of USD74 million compared to USD23 million in the same quarter last year. In a statement released on Wednesday, the company ascribed the better performance partly to the launch of a new Asia-US route in the same period.
The Seven Star Express line Z7S connects South China, Southeast Asia and the Indian subcontinent with the US East Coast. The statement said the Z7S was wholly operated by ZIM and offered one of the fastest transits between the two continents using 10 5,000-6,000 teu vessels on a weekly schedule.
At the same time, the company announced a net profit (non-GAAP) of USD23 million for the 2Q15, a significant improvement on its USD50 million loss in 2Q14. Operating cash flow was USD86 million for 2Q15, compared to USD19 million last year.
The statement said ZIM carried 577,000 teu in 2Q15, reflecting a 6% decrease compared to the same period last year. It attributed most of the decline to the withdrawal of a service from Asia to Northern Europe, exiting from trades that were not part of the company’s business focus and a decline in demand in the Asia-Mediterranean trade route.