Zim Records US$530mn Loss In 2013
News: Israel's Zim Integrated Shipping Services (Zim) registered a net loss of US$530mn in 2013, compared with a loss of US$428mn in the year-ago period. The net loss was driven by the cancellation of a one-off payment of US$161mn for newbuilds. In the reported period, the company posted a 7% year-on-year fall in revenues to US$3.7bn, compared with US$4.0bn in 2012. This drop was mainly attributed to the fall in freight rates. Excluding one-off expenses, operational losses amounted to US$191mn in 2013, compared with US$206mn in 2012. During 2013, Zim had also undertaken a financial restructuring process. Moreover, in January 2014, a term sheet was signed by the company with its debtors in order to decrease its debt between US$1.0bn and US$1.5bn.