Zim narrows quarterly loss to US$6.4 million from $56.3 mill

Time: 2017-05-17 13:38
ISRAEL's Zim Integrated Shipping Services narrowed its first quarter net loss to US$6.4 million from the $56.3 million quarterly loss made last year. This year's first quarter revenue was up four per cent to $655 million.
Zim carried 598,000 TEU in the first quarter, up 3.6 per cent year on year, with an average freight rate of $953 per TEU, up from $943 per TEU during first quarter 2016, reported American Shipper.
The company noted that despite the current volatility in the container shipping market, "since Q3 2016 we have been witnessing a positive trend in the industry with slightly improved freight rates in some trades."
"With the new alliance structure in place, Zim, as an independent, global niche carrier, can offer unique advantages to customers and is well prepared for the current market challenges," said Zim CEO Rafi Danieli.
"The renewed network of services we introduced in April is aimed at enhancing our ability to improve our performance and achieving better results, while providing superior services to our customers."
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