Zim reported positive earnings (EBITDA) for 2012 compared to losses in 2011. The modest turn around still represents a significant loss to shareholders. A much smaller player than the Maersks and and Hapags of the word, Zim is still an important Halifax customer.
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1. Zim Panama arrives this afternoon.
Zim had to cancel a number of ship orders and take penalties, and defer other orders for several years up to 2016. Freight rates were up a bit too, which helped the bottom line. Zim has also made agreements with the banks to reschedule debt, and will submit a 5 year plan by April 30.