News / ‘Revitalised’ Zim reports biggest profit in its 75-year history

first_img Israeli ocean carrier Zim has posted its first annual profit for three years – and the biggest in its 75-year history – recording a net income of $524m for 2020 and claiming it is a “revitalised company”.Zim carried an-above industry par 0.7% more containers last year than in 2019, at 2,841,000 teu, and revenue jumped 21%, compared with the previous year, to $4bn, for an ebitda of $1.04bn, up from $399m in 2019.Its average freight rate was also up, by 21%, to $1,229 per teu, compared with liner peers CMA CGM’s $1,154 and Maersk’s $1,000.The carrier’s profitability improved dramatically in the final quarter of last year, bringing a net profit of $368m as its average rate per teu spiked to $1,518.Zim recorded its last annual profit, a modest $11.4m, back in 2017, but overall, between 2016 and 2019, racked up cumulative losses of $284m.It traces its turnaround back to the signing, in September 2018, of a strategic cooperation agreement with the 2M Alliance on the Asia-US east coast tradelane. It was expanded in March 2019 to cover the Asia-US west coast and Asia-Mediterranean routes, and again in August 2019 to Asia-US Gulf.Zim president and CEO Eli Glickman said the shipping line was “a revitalised company with new strengths, an invigorated spirit and a promising outlook for operating amid the new realities of shipping”.He added: “Our all-time record results in 2020, and the significant milestones we have achieved year-to-date 2021, represent a truly momentous time for Zim.”Nevertheless, despite the very positive result for 2020 and the strong start to this year, Zim’s US SEC filing highlights the longer-term industry risks as well as the specific risks for the carrier from its tonnage strategy and its lack of formal membership to a vessel-sharing alliance.The 10th-ranked global carrier, with a fleet capacity of 422,000 teu, charters all but two of its 96 vessels, compared with an industry average of 56%, according to Alphaliner data.“The majority of charters are less than a year, which makes us more sensitive to fluctuations in the charter market,” said Zim, and it cautioned investors that its tonnage strategy “could cause our costs to increase quickly compared with competitors with longer-term charters or owned vessels”.Moreover, Zim also warned it may have difficulty replacing vessels where charters expire.“There can be no assurance that we will replace short-term leases with long-term leases or that the terms of any such long-term lease will be favourable to us,” it said.Indeed, the charter market is red hot. Zim recently fixed a three-year time charter for the 5,071 teu post-panamax Seadream at $35,500 a day, compared with $10,300 paid previously by a rival carrier.Longer-term, Zim has agreed 12-year charters with non-operating containership owner Seaspan for ten 15,000 teu LNG-fuelled vessels, which will commence delivery in the first half of 2023.In June, Zim will begin negotiations for a renewal of its partnership with 2M partners Maersk and MSC, which is set to terminate on 1 April next year.Zim went public on the New York Stock Exchange on 29 January, with an IPO price of $15 per share. After initially collapsing to $11, the stock has recovered strongly and is currently at around $28. By Mike Wackett 22/03/2021 ID 102395421 © Vladimir Serebryanskiy | Dreamstime.comlast_img read more

World Bank Approves Loan of US$100 Million

first_imgAdvertisements RelatedWorld Bank Approves Loan of US$100 Million FacebookTwitterWhatsAppEmail KINGSTON — The World Bank has approved a development policy loan of US$100 million (J$8.6 billion) for Jamaica. This was disclosed by Minister of Finance, Hon. Audley Shaw, when he opened the debate on the first Supplementary Estimates for 2011/12, in the House of Representatives on September 8. Mr. Shaw informed that the loan will be at an interest rate of 1.5 per cent and will be for a period of 18 ½ years, including a nine and a half year moratorium on the payment of the principal. “The loan is based on our continuing commitment for the management of debt, public financial management, including our plan to introduce a Central Treasury Management System to better manage the cash resources of government, as well as our commitment to tax administration reform and to improving the performance of our revenue,” Mr. Shaw said. The loan will be used to support the enhancement of fiscal and debt sustainability; increase the efficiency of financial management and budget process; and strengthen tax administration and increase tax revenue capacity. The Central Treasury Management System (CTMS), to be implemented early 2012, will ensure better management of public resources by bringing the responsibility for treasury management under one agency.       By Latonya Linton, JIS Reporter RelatedWorld Bank Approves Loan of US$100 Million World Bank Approves Loan of US$100 Million Finance & Public ServiceSeptember 13, 2011 RelatedWorld Bank Approves Loan of US$100 Millionlast_img read more

Paul McCartney Handwritten “Hey Jude” Lyrics Fetch $900K At Auction

first_imgThe lyrics to “Hey Jude” which Paul McCartney wrote out and used for the recording of the iconic 1968 single sold for a cool $910,000 at auction on Friday which coincided with the 50th anniversary of The Beatles‘ breakup in 1970.According to Julien’s Auctions, the handwritten lyrics were referenced by McCartney during the track’s recording at Trident Studios in London, U.K. and were subsequently gifted to a studio engineer working on the session. The lyrics were valued at just $160,000 ahead of the auction.[Photo via Julien’s Auctions]The Beatles memorabilia auctioned off Friday included Ringo Starr‘s Abbey Road ashtray (which sold for $32,000), John Lennon and Yoko Ono‘s Bagism drawing, the script used for the filming of the band’s “Hello Goodbye” video featuring notations by Lennon and George Harrison ($200,000), and more. You can check out all the items included in Friday’s auction here.“This stage of the Fab Four’s first performance is not only one of the most extraordinary artifacts ever to come to market from Beatles history, but all of music history,” Julien’s Auctions’ Martin Nolan noted when the auction was originally announced. “We’re thrilled to offer this remarkable and unique piece that set the stage for the auspicious start of the greatest rock ‘n’ roll band of all time as well as these other incredible and significant items that celebrate the magic of Beatlemania.”Would we pay close to a million bucks for those lyrics? Nah, nah, nah, nah nah nah nah. But, you know, whatever floats your boat.The Beatles – “Hey Jude”[Video: The Beatles][H/T Rolling Stone]last_img read more

Stress relief by ‘comfort foods’ may vary between sexes and across the estrous cycle

first_imgPrevious studies in male rats have identified particular brain regions that are important for the stress relief, including the basolateral amygdala and prefrontal cortex. The researchers looked at protein markers of activity (FosB/deltaFosB and pCREB) in these brain regions to see if the sugar drink altered these protein levels similarly in male and female rats. FosB/deltaFosB was increased in the amygdala of males who were given the sugar drink compared to those drinking only water. Female rats also showed this increase in amygdala FosB/deltaFosB after the sugar drink, but only when they were in the proestrus/estrus stage of their cycle. In contrast, amygdala pCREB was increased by the sugar drink in males but not females. Instead amygdala pCREB varied across the estrous cycle in female rats and was unaffected by sugar drink. These different patterns show that comfort eating has some similar effects in male and female brains, but also has unique effects in the female brain that vary across the hormonal cycle. Pursuing these findings could lead to different strategies that could be useful for women and men who habitually eat to manage stress. Share on Twitter Share on Facebook LinkedIn Researchers at the University of Cincinnati have found that the brain networks that mediate stress relief after eating highly palatable foods may vary between males and females, and may also depend on the stage of the estrous cycle. The study performed by Ann Egan, a doctoral candidate in the University of Cincinnati Neuroscience Graduate Program in the laboratory of Dr. Yvonne Ulrich-Lai, PhD, used a rodent model of ‘comfort food’ to investigate the neurocircuitry behind this phenomenon. The research is to be presented this week at the Annual Meeting of the Society for the Study of Ingestive Behavior (SSIB), the foremost society for all aspects of eating and drinking behavior.“We know that both men and women eat tasty foods as a strategy to reduce stress, and in fact there is some evidence that suggests that women may be more prone to this ‘comfort food’ style of eating,” explained Egan. “This study is important because it suggests that males and females may be using slightly different brain regions, and the stress relief in females may also be affected by the stage of the estrous cycle. This can help us understand how eating behaviors can affect men and women differently, and how eating behaviors are affected by fluctuating hormone levels.”The researchers used a rodent model that is based on human snacking patterns. Female rats were given twice-daily access to a small amount of a sweet sugar drink for 14 days, while other female rats were only given water as a control. Then rats were subjected to a stress test, and their stress hormone response was measured. Similar to previous studies done in male rats, female rats that had been given the sugar solution had a lower stress hormone response to the stress challenge. However, in the female rats the reduced stress response only occurred if the rats were in the proestrus/estrus stage of their estrous cycle, when levels of estrogen are high.center_img Email Pinterest Sharelast_img read more

Aaron Shelby Joins Carroll Shelby International Board

first_imgAaron Shelby, grandson of the company founder, has joined the board of Carroll Shelby International Inc. (CSI). In his new role, Shelby will work directly with Ford Motor Co. and help expand CSI globally.AdvertisementClick Here to Read MoreAdvertisement“Carroll Shelby International’s strong growth over the past four years requires another talented individual on the board to maintain our momentum,” said Neil Cummings, co-CEO of Carroll Shelby International. “Joe Conway and I initially tapped Aaron to represent Shelby American at Ford Motor Co. events upon Carroll’s death to demonstrate the company’s strong future. Since then, he’s helped strengthen our solid relationship with Ford. As we continue transforming Shelby into a multinational brand and corporation, we’ll continue adding the finest minds to help reach our objectives.”“Aaron Shelby is a great addition to the Carroll Shelby International board,” said Joe Conway, Co-CEO of Carroll Shelby International. “The timing is ideal because Aaron is joining us just as our plans to restructure, refine and refocus the Shelby entities are coming to fruition. Much like his grandfather, he’ll contribute great energy and fresh ideas, as well as solid experience to the company. We’re pleased that another Shelby family member is actively involved in the organization.”AdvertisementShelby earned a Bachelor of Science in commerce – finance from Santa Clara University and started his career as a credit analyst at Inwood National Bank in Dallas. He then moved on to operate his own business, Mr. Bracket. The automotive accessory company distributed products through aftermarket retailers.After selling Mr. Bracket, Aaron Shelby joined LegacyTexas Bank. With his father Patrick as chairman, he continued the family’s association with the bank. With the consummation of a merger in January 2015, with another local Dallas area bank, LegacyTexas is now public and Aaron’s role has evolved to be executive vice president overseeing commercial lending and operating as the subsidiary manager overseeing LegacyTexas Insurance, LegacyTexas Title and the LegacyTexas Mortgage. In addition to banking, Aaron operates the Shelby family’s timber business in East Texas and sits on the board of directors for the Dallas Children’s Theater, Shelby Automotive Museum and Carroll Shelby Foundation.“Joe Conway and Neil Cummings have done a great job positioning Carroll Shelby International for a bright future,” said Aaron Shelby. “I want to help continue that success by leveraging my business background, close industry relationships and dedication to our family heritage. This is an opportunity to build upon the legacy that my grandfather and his board earned over the past 50 years.”last_img read more

BOC’s Sleep Centre opens in Harley Street

first_imgGet instant access to must-read content today!To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.Don’t just stay connected, stay at the forefront – join gasworld and become a subscriber to access all of our must-read content online from just $270. Subscribelast_img

Cashel Town advance in Tipperary Cup

first_imgCashel Town returned to winning ways after last weekend’s loss to Gorey Rangers in the FAI Junior Cup to comfortably advance to the next round of the Tipperary Cup by beating Cahir Park reserves 3-0.After going through 2019 unbeaten, Cashel suffered their first defeat in over a year in Wexford on Sunday last.However, it didn’t take them long to find their rhythm against Cahir’s second string, and with James Harding in scintillating form it was only a matter of time before they opened the scoring. The first goal of the day came in the seventeenth minute when Michael Coleman played a wonderful forty yard pass that was chested down by Eoin Byrne into the path of James Harding and he smashed to the net to put his side in front. Harding was practically unplayable at this point in the game and five minutes later he turned the home defence inside out before firing home a second to put Cashel in complete control.That was how the game stood at the break, and despite Cahir starting the second period well, they couldn’t find a way through a very well drilled Cashel defence. On sixty minutes Cashel put the tie beyond the Park when Harding turned provider for his strike partner Eoin Byrne who added a third to round off a fine performance. Photo courtesy of Cashel Town FC.last_img read more

NGO issues scholarship to St George’s trio

first_imgThe Centre for Guyanese Progress has handed out scholarships to three underprivileged students. The students, who attend the St George’s High School were selected based on their sport and academic performances. Curwin Glasgow, Ezekiel Pellew and Sierra Samuels are the recipients. It was revealed by the school that the students, who have shown significant potential in sports, have been doing well but are prevented from excelling holistically because of the economic and financial difficulties they face. The scholarship, which is an initiative of a teacher at the school, Mashaka Scott, was presented recently. The acting Headteacher of the school, Donna Zammett, said that she was moved by the performances and significant potential of the students, thus the reason why she endorsed the initiative after Scott suggested it. They subsequently made a plea to the NGO for assistance. Meanwhile, Scott explained that the students will receive support by acquiring their school texts, support in their sport pursuits and other school supplies including stationeries, books and financial assistance to aid them in getting to and from school. Gavin Alleyne, a member of the NGO, said that the organization was started with the intention of providing assistance to the less fortunate. He said that they were approached and immediately agreed to help, recognizing that education is one of the most important pillars in society.The three students expressed their gratitude and assured that they will not disappoint as they are focused on doing their best.  “We are truly grateful and thankful for this as it is a surprise to us… we never thought that we were going to get this level of support,” Curwin said.last_img read more

Daniel Dae Kim diagnosed with COVID-19; Evangeline Lilly won’t self-quarantine

first_imgMichael Kovac/Getty Images for Acura(NEW YORK) — Lost and Hawaii Five-0 actor Daniel Dae Kim revealed Thursday that he has tested positive for COVID-19 coronavirus.In a 10-minute long video posted to social media, Kim explained that he contracted the virus while shooting the series New Amsterdam in New York City, but was tested back home in Honolulu, HI, where he has been self-isolating. Kim also asked Americans to “please stop the prejudice and senseless violence against Asian people” in the wake of the outbreak, calling it “cowardly,” “heartbreaking” and “inexcusable.” “Yes, I’m Asian, and yes, I have coronavirus, but I did not get it from China; I got it in America. In New York City,” he said. “Despite what certain politician leaders want to call it, I don’t consider the place where it’s from as important as the people who are sick and dying.”While Kim implored fans to practice social distancing, his former Lost co-star Evangeline Lilly is being criticized for doing the opposite. She defended her choices in the comments on Instagram.“Where we are right now feels a lot too close to Marshall Law [sic] for my comfort already, all in the name of a respiratory flu,” she wrote. “It’s unnerving… Let’s be vigilant right now. And kind. Watchful and gracious — keeping a close eye on our leaders, making sure they don’t abuse this moment to steal away more freedoms and grab more power.”She added that she’s immune-compromised, has two young kids and is currently living with her father who has stage 4 leukemia. But she explained, “Some people value their lives over freedom, some people value freedom over their lives. We all make our choices.”Copyright © 2020, ABC Audio. All rights reserved.last_img read more

Marvel Studios head says “Black Panther 2” already has “a pretty solid direction”

first_imgMarvel Studios(HOLLYWOOD) — Black Panther has only been in theaters for three weeks, but Marvel Studios head Kevin Feige says he’s already planning a Black Panther 2.“Nothing specific to reveal, other than to say we absolutely will do that,” Feige told Entertainment Weekly of the sequel. “One of the favorite pastimes at Marvel Studios is sitting around [while filming] a Part One and talking and dreaming about what we would do in a Part Two.”Feige continues, “There have been plenty of those conversations as we were putting together the first Black Panther. We have ideas and a pretty solid direction on where we want to head with the second one.”Not only that, but Feige says he wouldn’t rule out the idea of stand-alone sequels focusing on characters other than Chadwick Boseman’s T’Challa. “I think Shuri’s astounding, and you’ll see much more of her in our universe,” Feige says, referring to the character of T’Challa’s sister, played by Letitia Wright. As for Danai Gurira’s character Okoye, Feige says, “I think I’d watch three action films just Okoye. I’m not saying we’re doing that, but I’m saying that we’re intrigued by them.”Although there is no word on a potential release date for the Black Panther sequel, the original is moving towards the billion-dollar mark at the box office. While we wait, you’ll be able to see Boseman and some of the other Black Panther stars in Marvel’s next movie, Avengers: Infinity War, which opens April 27.Marvel is owned by Disney, the parent company of ABC News.Copyright © 2018, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more