Jewish Post, Indianapolis, Marion County, 5 December 1975 — Page 11

THE ECONOMIC VIEW

ZIM Family Makes It A Successful Line

Knipnick

By SAMSON KRUPNICK The recent launching of the 9,000 ton M.S. SIGAL, Zim’s new container ship focused attention upon two important de-

velopments in Israel.

The first was signalled the revival of the Israel Shipyards in Haifa. The M.S. SIGAL is the first merchant ship built at the local shipyards in ten years. This new container ship, to cost $14 million with a capacity of 470 20-foot containers is one of four now being constructed by the Israel

Shipyards, each to be launched at six-month intervals. The M.S. SIGAL will ply the Mediterranean ports as part of the Zim fleet of container ships. The reactivation of the Israel Shipyards is a further step in making Israel self-sufficient in ship construction. THE SECOND PHENOMENON is the rapid transition of Zim from mediocrity into a first rate maritime enterprise, with a growing fleet of container ships plying ports in all the seven seas. The latest such service is being inaugurated in December with two ships each able to carry 410 containers of 20 feet each, sailing between Eilat and Hong Kong through the Far East. During the first stages, chartered ships will be used by Zim. Gradually they will be replaced by ships being built by the

Israel Shipyards.

Zim's modernization program initiated but five years ago and involving an investment of some $280 million, has paid off handsomely even in the midst of the modernization period. Its 1973 net profit of IL 25.7 million was topped by more than 82 per cent in 1974 to IL 47 million after a write-off of IL 42.6 million representing the company’s loss on the financial manipulations of the former head of the Israel Corporation and after a payment

of income tax of IL 77.9 million. The gross volume in 1974 was a record $364 million, a 60 per cent increase over 1973 sales of $228 million. The company was sufficiently optimistic about the future to establish a IL 10 million profit-sharing program for its 3,500 employes. IT HAS BEEN A hard struggle in the face of many adverse factors with countless disappointments during the past 30 years (Zim was founded on June 7, 1945). Zim’s ability to pay an income tax for the first time in 1974 of IL 77.9 million is therefore looked upon as an extremely significant financial milestone in the history of Israel’s shipping. Unaudited reports of the results of operations for the first nine months of 1975 point to a year as profitable as 1974 despite the slump in world shipping. Its Director-General, Yehuda Rotem, attributes the Company’s profitability to its daring embarkation upon the now popular “long-line” Three Continent Container Service, accounting for over one-third of the gross income in its first full year of operations in 1974. This Far East - Japan, U.S., Israel service, a courageous venture begun in 1973, has provided the guiding line for the direction that Zim must take and the flexible position that it must adopt, to remain both competitive and profitable. Thus, the new container service for the Israel - South America cargo route and the modernization of the Eilat shipping route are essential parts of the complete worldwide maritime service offered by Zim. While the reopening of the Suez Canal poses an element of increased competition to the longer Ashdod overland Eilat route, the more efficient handling of cargo in specialized vessels rather than in general cargo ships can offset this handicap. The completion of the AshdodEilat railway will be an additional advantageous factor enabling a higher frequency of service. ZIM’S PRESENT fleet consists of 108

vessels with a gross tonnage of 2,551,000. Of the 66 ships owned outright by Zim with a total tonnagei of 2,275,000, there are 42 cargo ships of various categories with a tonnage of 330,000, eight tankers with a tonnage of 1,405,000, nine bulk carriers of 368,000 tons and seven container ships of 172,000 tons. Zim leases 42 vessels with a total tonnage of 276,000. The short-term future plans envisage the replacement of 20 ships approaching retirement age, the replacement of older general cargo vessels with specialized ships, particularly the four grain carriers of 30,000 tons each, by newer vessels of 40-45,000 tons each, the conversion to container ships of three log carrying vessels not now being utilized because of the recession in the world plywood trade, and the addition of another two roll-on-roll-off freight carriers. Long term plans include the acquisition of another million tons of shipping ranking Israel 14th in the world in gross tonnage of shipping. When (me considers that in 1948 at the birth of the State, Zim was but a one-ship line — a passenger vessel of 3,500 tons — the gradual rise to its present status of a reputable, reliable shipping line plying the principal ports of the seven seas (as symbolized by the seven-star insignia in its masthead) has been a remarkable example of ingenuity, foresight and flexibihty in successfully riding out the rough seas that Zim has traversed to date. AS WITH EL AL, the principal objective has always been and remains now with Zim. to maintain an independent direct line by sea and air to the outside world, and as with El Al, a second objective was to make the operations profitable. El Al achieved both goals in a relatively short time. For Zim this accomplishment has taken considerably longer, but at last it has become a source of much nachas to the State of Israel and to its anxious shareholders — the Israel Corporation, the Government, the Jewish Agency and Histadrut.

Your Name Dear Mr. Pearlroth: My father emigrated to this country from Mlawa, Poland in 1913. His name was PESTCOE. Can you give me any information about it? Sincerely, Mrs. Ruth Davis, Phila., Pa. Pestcoe — Correctly Pestka — is a polish word meaning “The kernel of a fruit,” But no kernel as such is involved here. Rather it refers to an infusion of vodka over the kernels of such fruit as cherries or peaches. Such an infusion Is popularly known as “pestkowka” or plain “pestka.” Your family who assumed this name in 1796 were either producing such a vodka Pearlroth or selling it. Dear Mr. Pearlroth: “Your Name” in the Jewish Post and Opinion is very interesting, and I wonder if you could give us the derivation of the family name. My grandfather JAKOB MOSCHKO was born in Kozle, Upper Silesia, Germany, now Poland. His family was in cattle business in the late 1800’s. Mrs. Maurice Reuler, Colorado. Moschko — correctly Moszko — is Polish for the name Moses. It is a rather jolly reference to a man named Moses, as if the individual enjoyed considerable popularity among his co-citizens. Although Upper Silesia was formerly a part of Prussia, there was a considerable Polish element there which explains the Polish version of the name. The family name was assumed in 1812 in honor of an ancestor. (Do you want to know what your name means? Send all queries to: Mr. Pearlroth, Jewish Post & Opinion, 101 Fifth Ave., New York, N.Y. 10003.)

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fh» Jewish Poet Friday. December 5, 1975