ZIM has reported a $12m profit for the second quarter, compared to a $67m loss in the same period last year, before it had completed its restructuring.
Total volumes fell 6% to 577,000 teu in the quarter, mostly due to the company withdrawing certain of its routes as part of its restructure and refocus. A decrease in demand was also seen on the Asia-Med trade route.
The drop in volumes combined with a 5% drop in average freight rate to $1,150 per teu conspired to bring revenue down to $763m from $875m in the same period last year.