ZIM ended the first quarter ending March 31 with an improvement in all operational parameters compared with the same quarter last year, and an EBITDA loss of $6 million. Despite difficult market conditions and low freight rates, the EBITDA loss represents a $63 million improvement compared with the same quarter of 2012.
Revenues in Q1 amounted to $918 million, representing an increase of 6 per cent compared with the same quarter last year. The increase is a result of a 4 per cent increase in average freight revenue per container compared with the same quarter last year (from $1,236 per TEU to $1,282), as well as a 6 per cent increase in the volume of carried TEUs, to 602,000.
The company’s operational loss amounted to $48 million, compared with an operational loss of $116 million in the same quarter of 2012 – a $68 million improvement. ZIM recorded negative operating cash flow of $28 million, compared with a negative operating cash flow of $ 82 million during Q1 of 2012, a $54 million improvement. A loss to shareholders of $112 million was recorded, compared with a loss of $163 million in the same quarter last year.
The company continues to execute its strategic plan, which continues to yield further operational efficiency, improved customer relations and improved services. Significant steps were taken to enhance customer relations, service and sales, and an agreement was reached with the workers’ council to reduce personnel in Israel by 100 employees.