ZIM narrows losses in Q1 2017

The Israeli ocean carrier reported a net loss of $6.4 million for the quarter compared with a $56.3 million loss in first quarter 2016.    ZIM Integrated Shipping Services Ltd. reported a net loss of $6.4 million in the first quarter of 2017 compared with a $56.3 million loss in the same 2016 period, according to the company’s most recent financial statements.
   The Israeli ocean carrier saw revenues grow 4 percent year-over-year to $655 million for the quarter.
   ZIM carried 598,000 TEUs in the first quarter, a 3.6 percent increased from the previous year, with an average freight rate of $953 per TEU, up from $943 per TEU during first quarter 2016.
   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 alliances’ 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,” ZIM President and CEO Rafi Danieli said in a statement. “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.“
   According to ocean carrier schedule and capacity database BlueWater Reporting, ZIM participates on 54 different direct region-to-region liner services, operating vessels on 13 loops and purchasing slots on the remaining 41 services.