Zim CFO Allon Raveh to quit by January, guided company through bad times

ISRAELI flag carrier ZIM Integrated Shipping Ltd (Zim Line) recently announced its chief financial officer Allon Raveh has resigned and will leave the company by the end of the year after serving the company for four years.

Zim Line's president and CEO Rafi Danieli said: "Allon took part in Zim's financial plan and the negotiations with the banks regarding the improvement of the company's financial covenants, in light of the deteriorating situation of the shipping industry in recent years. I would like to thank Allon for his contribution and wish him every success in the future."

So far, Mr Raveh's replacement has not been announced. Zim has been confronted with financial troubles and running in the red since the end of 2008. The carrier has not posted its financial results for the second quarter, so it is still too early to say whether it could benefit from a series of previous freight rate increases and return to profit in the second quarter.