ZIM’s loss before interest (EBIT) in the first quarter was trimmed to US$8 million, reflecting a sharp improvement on the same quarter in 2013 which saw an operating loss of $47 Million.
First quarter EBITDA was $29 million against a $6 million loss in the same quarter of last year.
The volume of TEU containers carried increased by two percent compared with the same quarter of last year, to 617,000 TEUs.
Revenues in Q1 were $867 million compared with $918 million in the same quarter last year. The decrease in revenues, in spite of an increased volume of containers carried, reflects continued downward pressure on freight rates. The average freight rate per TEU was $1,213, a decrease of $69 compared with Q1 of last year.
The company is continuing to seek efficiency savings as part of its strategy of seeking to offset continued weakness in freight rates.
Operating cash flow in Q1 was $23 million, an improvement of $50 million compared with the same quarter of last year. The results show continued improvement quarter on quarter and are in line with the industry average.
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