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Low freight rate, rising bunker prices lead to ZIM's Q3 US$6.6m loss
来源： 编辑：编辑部 发布：2018/11/20 13:51:53
ISRAELI shipping line ZIM suffered a third-quarter net loss of US$6.6 million, a marked deterioration compared to the net profit of $25.2 million recorded in the same quarter last year.
Total third-quarter revenue rose by 2.9 per cent year on year to $840.7 million.
The ocean liner carried 730,000 TEU over the reporting period, up 6.1 per cent compared to the third quarter of 2017. However, the 4.9 per cent year-on-year decline in the average freight rate to $1,006 per TEU dampened revenue growth, reported American Shipper.
"The instability and volatility in the market, including significant uncertainties in the global trade, continue to affect the market environment," said ZIM.
"Since the fourth quarter of 2017 freight rates have decreased, while bunker prices as well as charter rates increased, negatively affecting the industry as a whole. In the third quarter of 2018 freight rates started to recover in most trades, while bunker prices continued to increase."
According to CEO Eli Glickman, the strategic alliance that the shipping line entered into with the 2M Alliance ofMaersk Line and MSC on the Asia-US east coast trade lane this September is beginning to contribute to the company's overall results.
"We expect it to bear more fruits in the coming quarters," said Mr Glickman. "We have a clear path forward and we remain committed to excellent customer service, as well as providing innovative quality solutions for our customers."
Total third-quarter revenue rose by 2.9 per cent year on year to $840.7 million.
The ocean liner carried 730,000 TEU over the reporting period, up 6.1 per cent compared to the third quarter of 2017. However, the 4.9 per cent year-on-year decline in the average freight rate to $1,006 per TEU dampened revenue growth, reported American Shipper.
"The instability and volatility in the market, including significant uncertainties in the global trade, continue to affect the market environment," said ZIM.
"Since the fourth quarter of 2017 freight rates have decreased, while bunker prices as well as charter rates increased, negatively affecting the industry as a whole. In the third quarter of 2018 freight rates started to recover in most trades, while bunker prices continued to increase."
According to CEO Eli Glickman, the strategic alliance that the shipping line entered into with the 2M Alliance ofMaersk Line and MSC on the Asia-US east coast trade lane this September is beginning to contribute to the company's overall results.
"We expect it to bear more fruits in the coming quarters," said Mr Glickman. "We have a clear path forward and we remain committed to excellent customer service, as well as providing innovative quality solutions for our customers."