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Zim posts $72m second-quarter loss

Israeli line Zim has posted an operational loss of $5 million in the second quarter of 2013, reducing the $47 million shortfall it reported a year earlier.

A net loss of $72 million, which excluded a one-time cost of $24 million for employees taking early retirement, also reduced the shortfall of $110 million reported previously.

In a statement accompanying its results, Zim said it had reached agreement with the employees’ union on job cuts affecting 100 staff.

Zim also said it enjoyed “the continuing support of all creditors, including the vessel and container lenders, shipowners, shipyards, unsecured lenders and bond holders” as it negotiated “an agreed long-term comprehensive solution to the capital and debt structure that will enable financial stability in the face of the multiple challenges and the volatile market condition”.

via: www.lloydsloadinglist.com