Container shipping player ZIM says its financial performance in the third quarter (Q3) of 2018 ended September 30, 2018 has been affected due to rising bunker prices since the fourth quarter of 2017.
“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,” it claims.
The company posted net loss of $6.6 million in Q3 2018, compared to net profit of $25.2 million in Q3 2017.
Total revenues were $840.7 million in Q3 2018, a 2.9% increase when compared to $816.7 million in Q3 2017.
“Q3 2018 was characterized by freight rates increase and the continued rise in fuel costs. ZIM’s Q3 results reaffirm ZIM’s approach of coping with a challenging and volatile business environment,” said Eli Glickman, ZIM President & CEO.
“Our strategic operational cooperation with the 2M Alliance in the Asia-US trade is beginning to contribute to our overall results, and we expect it to bear more fruits in the coming quarters.
“We have a clear path forward, and we remain committed to excellent customer service, as well as providing innovative quality solutions for our customers.”
Photo credit: ZIM
Published: 16 November, 2018
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