ISRAEL's Zim Integrated Shipping Services widened year-on-year net losses in 2013 to US$530 from the $428 million loss suffered in 2012, drawn on this year's revenues of $3.7 billion, down seven per cent.
A significant portion of that annual loss was concentrated into the fourth quarter, a reflection of the accelerated declines in rates towards the end of last year.
The container line posted a $282 million net loss in the fourth quarter, again widening the shortfall from the $238 million lost in the corresponding quarter in the previous year.
Nontheless Zim posted positive operating cash flow of $13 million, but this too was down year on year from year-earlier figure of $94 million. The company made gains in reducing its annual operational loss, which stood at $191 million for 2013, a $15 million improvement over the $206 million operational loss for 2012.
Despite a five per cent increase in volume, sinking freight rates led to average revenues falling nine per cent to $1,227 per TEU in 2013 from $1,342 per TEU the year before. Zim ships carried 2.5 million TEU in 2013, up from 2.4 million TEU in 2012.
WORLD SHIPPING
28 March 2014 - 23:45
Zim net losses widen to US$530 million, revenues decline 7pc in 2013
ISRAEL's Zim Integrated Shipping Services widened year-on-year net losses in 2013 to US$530 from the $428 million loss suffered in 2012, drawn on this year's revenues of $3.7 billion, down seven per cent.
WORLD SHIPPING
28 March 2014 - 23:45
Zim net losses widen to US$530 million, revenues decline 7pc in 2013
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