ZIM has reported a "sharp improvement" in its Q1 results, despite an 8% decrease in its carried volumes for the first quarter.

Zim is launching Seven Star Express, a new service between Asia and the US East Coast, on 29 May.

ZIM and Seagoline are cooperating to offer a new reefer service on the Black Sea from the first week of November.

Zim has added a new service connecting the Mediterranean ports of Tarragona, Valencia and Algeciras with West Africa.

ZIM reduced its net loss in the second quarter to $67m, its final three-month reporting period prior to undertaking restructuring.

Israeli box line ZIM has completed its $3bn restructuring, which includes the write-off of $1.4bn in debts, after 18 months of negotiations.

Zim says it has reached agreement with the state of Israel over its “golden share” clearing the way for its planned restructuring to go ahead.

Zim has cut its first quarter loss by 45% to $62m as it awaits approval of its substantial restructuring proposal.

Zim has finalised the terms of restructuring agreements that will write off $1.4bn in debt and see Israel Corp's stake in the company fall from 100% to 32%.

ZIM is collaborating with G6 partner Hapag Lloyd to restructure its service offering between the Mediterranean and United States, in an effort to improve transit times.