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ZIM results hit hard by newbuild cancellations

ZIM results hit hard by newbuild cancellations
ZIM has recorded a net loss of $530m in 2013 compared to a loss of $428m the previous year, thanks to a one-off series of payment cancellations for newbuilds amounting to $161m. 

In addition to the financial restructuring the company  has undertaken throughout 2013, ZIM signed a term sheet with its debtors, in January 2014, to reduce its debt to between $1bn and $1.5bn.

Meanwhile, ZIM has highlighted reduced operational losses to $191m , or $130m excluding one-off expenses, compared with $206m in the previous year.

“The improvement was largely achieved through the implementation of technological innovations which resulted in reduced fuel consumption and fuel procurement at optimal prices, all as part of the comprehensive transformation and efficiency process the company has been conducting over the last three years,” the company said in a statement. “[Zim has] succeeded in maintaining results which are at par with the industry average, and at the same time to avoid negative impact on service to customers and customers’ trust in the company."

In other news, the company today announced in a further statement the opening of a new fully-owned agency in Rio de Janiero, which will be commercially responsible for Rio, Sepetiba and Vitoria. “Serving the Brazilian market, and South America in general, is part of ZIM’s long-term strategy and an additional step in the ongoing effort to expand and improve ZIM’s services in the region.”

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