Zim negotiates to cut expenses

Unofficial sources noted that Zim is offering its employees early retirement with increased severance compensation, while executives will have to accept a 10% pay cut
 
According to unofficial sources, The Israel Corporation's daughter company Zim Integrated Shipping Services Ltd. is negotiating the dismissal of 12% of its workforce, some 100 people, with labor representatives.
 
Zim which operates a network of global and regional shipping services to over 120 countries around the world, runs a fleet of over 100 modern container vessels, includes the recently introduced mega-vessels of TEU 8,000 and TEU 10,000, with a total carrying capacity of over TEU 337,000
 
Unofficial sources noted that Zim is also offering its employees early retirement with increased severance compensation, while executives will have to accept a 10% pay cut.
 
Zim lost US$245 million in January-September 2011. The loss was made on turnover of $2.9 billion, five times its loss of US$42 million in the corresponding period of 2010, on turnover of US$2.9 billion.
 
The third quarter loss nearly doubled to US$66 million from US$37 million for the corresponding quarter. The company owes around US$2 billion, mostly to foreign banks.