Israeli flag carrier Zim Integrated Shipping, narrowed its second quarter net loss year on year by 123% to US$67 million, about US$30 million less than in the corresponding quarter of the previous year the company announced.
For the second quarter of 2014, ZIM reported a loss, before interest and tax (EBIT), of about $9 million, reflecting sharp improvement compared to the corresponding quarter of 2013, for which it reported an EBIT loss of about $29 million.
Second-quarter EBITDA totaled close to $29 million, compared to approx. $12 million in the corresponding quarter of 2013. Operating cash flow totaled close to $19 million in Q2 2014, an improvement compared to about $14 million in Q2 2013. These results do not reflect the restructuring impact.
The volume of TEU containers carried in Q2 2014 of 2014 decreased by 2% compared to the second quarter of 2013, to 619,000 TEUs. Most of the decrease was due to terminating lines between Northern Europe and the United States (in mid-2013), and lines between Asia to Northern Europe (at the start of the second quarter of 2014).
Revenue in Q2 2014 amounted close to $875 million, compared to about $977 million in the corresponding quarter of 2013. The reduction in revenues was a result of: (i) closing lines (ii) not having the revenues from the container manufacturing plant in China consolidated in Q2 2013 after it was sold during the third quarter of 2013 and (iii) the sustained pressure on freight prices. Freight rates per TEU averaged $1,206, a drop of $40 per container (3%) compared with Q2 2013.
