Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Zim stays in the red despite improvements

Zim stays in the red despite improvements
Israeli box carrier Zim has announced a net loss of $112m in the first quarter, down from a $163m loss in the same period of 2012.

The company's cash flow was a negative $28m, improving on 2012's $82m cash flow loss. Operational losses also improved, dropping from $116m in the first quarter 2012 to $48m this year.

Revenues of $918m were 6% up on last year's figure owing to a 4% increase in average freight revenue per teu compared to the previous year, rising from $1,282 to $1,236. Volumes at ZIM also increased, up by 6% to 602,000 teu.

The result comes as the company recently agreed to delay principal payments until the end of 2014 and further concessions totaling $400m. The company also revealed a business plan for 2013-2017 to its creditors, including an efficiency drive slashing 100 jobs at the firm.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.