Zim

Last week, Israeli shipping company Zim Integrated Shipping reported a loss of US$119m for the first quarter, from US$29m a year ago, due to weaker freight rates and a slump in cargo volumes.

Revenue for the three months to March 31 fell to US$622m from $1.04bn in the year-earlier period, with container traffic plummeting by 33 per cent to 410,000 TEU.

A fall in fuel bills of some 51 per cent, coupled with a decline in both charter costs and terminal handling charges, were not sufficient to counter the collapse in global container traffic and a 3 per cent fall in average freight rates.

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