Zim’s EBITDA in 2010 amounted to USD403 million compared with a negative USD518 million in 2009, an improvement of USD921 million. Revenues of the company in 2010 totaled USD3,717 million compared to a total of USD2,449 million in the previous year. Revenue was up 43% due to increase in freight rates as well as quantities shipped. During the fourth quarter the average freight rate was up 31% from USD1,136 to USD1,485. The quantity of containers moved was up 14% from 498,000 TEU to 566,000 TEU.
“2010 was characterised by the recovery of the global shipping industry, which suffered the most severe crisis in history in 2009,” said Nir Gilad, Zim’s Chairman and CEO. The industry has moved towards stability and growth. It should be noted, however, that there is still a large supply and volatility in the shipping market, and oil prices adversely affect companies operating in the industry.”