ISRAELI flag carrier Zim was back in the black in 2019, posting a US$12 million net profit after the previous year's $44.6 million net loss. Last year's earnings were drawn on revenues of $3.29 billion, up 1.6 per cent year on year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in 2019 increased 156 per cent year on year to $385.9 million while adjusted earnings before interest and taxes (EBIT) rose 276 per cent to $148.9 million.

The instability and volatility in the market, including significant uncertainties in the global trade, mainly due to US related trade restrictions and the recent escalation of the coronavirus outbreak, continue to affect the market, said a company statement.

In September 2018, the company launched its operational cooperation with the "2M" Alliance (Maersk and MSC), in several lines between Asia and the US east coast, it said.

During 2019, the cooperation was expanded in three additional trades: Asia-East Mediterranean, Asia-American Pacific Northwest and the Asia-US Gulf. These agreements enabled Zim to provide port coverage and better transit times and greater cost efficiencies.

Said Zim president and CEO Eli Glickman: "2019 was a challenging year for the industry which had to cope with the escalation of the US-China trade war while simultaneously getting itself ready for the IMO 2020 new regulation enforcement.

"Despite those difficult market conditions, we delivered a strong operational and financial performance with better EBIT margin contribution than most of our peers. We also accelerated the deleveraging of our balance sheet," Mr Glickman said.