Zim reported a small profit for the fourth quarter as the company saw operating expenses fall faster than revenue, but the liner operator reported a full-year loss.
The Isreal-based containership player logged income of $4.6m for the fourth quarter, compared a $28.3m loss from a year earlier. Although revenue of $653.5m was down 5% from a year ago, operating expenses fell 10%.
Zim's results were also helped by a one-time gain from the sale of holdings in an associated company.
Results were also aided by the exit of Hanjin as "freight rates increased in certain trades, following idling of capacity and also the filing for court receivership by one of the top ten companies in the industry."
But Zim reported a full-year 2016 loss of $163.5m for the year as revenue fell 15% to $2.53bn.
In order to deal with the continued weakness in container shipping, Zim said it would optimise its service network and maintain cost reductions. The company said last year it was revising some of its mainline trades.
