News / Low freight rates and high bunker costs see Zim sail into the red

© Darryl Brooks | Dreamstime.com

Israeli container shipping line Zim yesterday posted a net loss for 2018 of $119.9m, despite a 9.2% increase in revenue to $3.2bn, a four-year high.

Zim said depressed freight rates in the first half and high bunker costs were the primary causes, while a second-half rally in rates was not enough to keep the line out of the red.

In 2017, the company recorded a net profit of $11.4m, on revenue of $3bn, while 2018’s loss included a $38m impairment charge “with ...