Zim Integrated Shipping Services, suffering a steep drop in demand in its container shipping business, reported a $208 million loss in the third quarter on Thursday, more than triple the loss from last year.
Revenue plunged 50 percent to $596 million from $1.2 billion a year earlier on lower container volume and weaker freight rates.
The loss was deeper than the $186 million the carrier lost in the previous quarter and left the Israeli carrier with an accumulated $513 million, a big contribution toward the $20 million loss industry experts project for containership operators this year.
