After posting the company’s third-quarter earnings, Israeli container line ZIM confirmed its intention to resume Red Sea and Suez Canal routes, following signs of stabilisation in the region.
During a conference call, Chief Executive Eli Glickman described the Gaza ceasefire as “encouraging progress,” adding that the carrier plans to return “as soon as we can.”
ZIM reported a 90% plunge in profits in its latest financial report and is seeking to reduce its fleet size in response to rate pressures.
We believe that a return to the Suez Canal in the near future now appears increasingly likely
ZIM Chief Executive
However, Glickman stressed that any return would require confirmation that the truce holds and formal approval from insurers and chartered vessel owners.
The company believes that resuming canal transits would also reduce costs and emissions, while increasing vessel availability.
