ZIM has announced a $44m loss for the third quarter 2013, compared to a $16m profit in Q3 2012.

The loss comes as the company nears the end of its restructuring process, with an agreement expected to be submitted for the approval by the Israel Corporation and other authorities soon.

Volumes carried increased 3.5% compared to last year, rising from 617,000 teu in Q3 2012 to 640,000 in the last quarter. The volume rise was not substantial enough to offset a 16% drop in rates between the traditional peak quarters, with an average freight rate of $1,444 per teu in the third quarter 2012 sliding to $1,202 per teu in the corresponding period this year.

The rate drop dragged revenues down 15% to $900m from the $1.1bn recorded in Q3 2012. The company's EBIDTA stood at $56m, down from $80m in Q3 2012.

"The company continues to take efficiency measures and to implement its strategic plan in order to further improve its results in the future," the company state in its earnings release.