Israeli container line Zim has steamed further into the red for 2018 despite rising revenue.
The boxship owner said the net loss was $46m in the fourth quarter, including an impairment loss of $38m relating to vessels classified as held-for-sale.
This compares to a deficit of $9.7m a year ago.
The annual loss was $119.9m, against profit of $11.4m in 2017.
In the final three months, revenue jumped 12.1% to $852.6m.
The line carried 714,000 teu in that time, versus 685,000 teu the year before.
It lifted the average rate per teu to $1,045, compared to $959 in 2017.
The company is listed with 16 containerships, a general cargo vessel and an idle anchor-handler.
Annual revenue rises
Its 2018 revenue was the highest for four years at $3.24bn, up 9.1% year-on-year.
During the year, its volumes reached a record 2.91m teu.
The company said the sector has been marked by instability as a result of continued deterioration of market environment.
It said that rates had however started to recover in the second half of 2018, with bunker prices also falling.
CEO Eli Glickman said: “During 2018, we have commenced the first phase of our strategic operational cooperation with the 2M Alliance, recently expanded to two additional trades.
"The agreement enables Zim to offer better product and service portfolio to our customers, and cope with the volatile freight rates and fuel prices.
"We were able to achieve improved cost efficiencies while significantly increasing the transported volumes."
