Israeli container line Zim has reduced its first quarter loss as rates rose.
The company said the net deficit was $24.3m, compared to $34.1m the year before.
Revenue grew 6% to $796.2m year-on-year, but its ships carried 4.3% less cargo at 668,000 teu.
The average freight rate per teu rose to $1,019 compared to $938 in 2018, however.
Adjusted EBITDA stood at $69.3m from $27.5m in 2018.
In the second half of 2018, freight rates started to recover, it said, but there was a slight decrease during the first quarter of this year, while bunker prices remained highly volatile.
CEO Eli Glickman said: “Zim continues to pursue its strategic goals, and the Q1 2019 results reflect an improvement, achieved against a backdrop of challenging market conditions.
"The second phase of our strategic cooperation with the 2M Alliance, in the Asia - East Mediterranean and Asia - American Pacific Northwest trades, began during this quarter."
He added: "This cooperation is expected to create additional cost efficiencies, while enabling significantly upgraded service levels to our customers."
