Israeli flag carrier Zim narrowed its first quarter loss 45.5 per cent to US$112 million year on year, drawn on quarterly revenues of $918 million, up six per cent, according to the Shipping Gazette.
The company moved six per cent more boxes to 602,000 TEU in the first quarter and attributed the revenue boost to greater volumes and higher freight rates. Average revenue was $1,282 per TEU in the first quarter, up four per cent year on year.
Zim's quarterly operational loss also narrowed to $48 million from $116 million in the same quarter of 2012 with earnings before interest, taxes, depreciation and amortisation) falling to a $6 million loss against the $69 million loss in the last year's first quarter.
Zim has already announced plans to cancel orders for five new ships, delay delivery of other ships until 2016 and postpone payments due this year, relieving the company from off-balance sheet obligations of $1.4 billion, as well as receiving refunds of $30 million for advance payments to shipyards.
Zim said the results "confirm the positive influence of the efficiency programmes, which included an agreement with the workers' council to reduce the Israeli home country headcount by 100.
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