Israeli container line Zim has fallen to a loss in the third quarter despite revenue hitting its highest level for four years.
The net deficit was $6.6m, compared to a profit of $25.2m a year ago.
Revenue was $840.7m, up 2.9%, but the average freight rate per teu was $1,006, compared to $1,058 in 2017.
Zim carried 730,000 teu in the period, a rise of 6.1% year-on-year.
Freight rates started to recover in most trades, while bunker prices continued to increase, it said.
CEO Eli Glickman added: "Our strategic operational cooperation with the 2M Alliance in the Asia-US trade is beginning to contribute to our overall results, and we expect it to bear more fruits in the coming quarters."
