The Israel-based ocean carrier ZIM reported improved financial numbers in the first quarter of 2017. Its operating cash flow was $33.8 million, compared to negative $14.6 million in the first quarter of 2016.

ZIM reported earnings of of $57.4 million in Q1 2017 compared to $8.2 million in Q1 2016, with an adjusted margin of 8.8 percent, compared to 1.3 percent in Q1 2016. The carrier still reported a net loss on the quarter, although it was considerably less than its net loss a year ago.

The company recorded an increase in containers carried compared to the first quarter of last year and a consistent improvement of adjusted earnings margins. There was an increase of 3.6 percent in containers carried, 598,000 TEU in Q1 2017, compared to 577,000 during the same period of 2016.

The average freight rate per TEU was $953, compared to $943 in Q1 2016, a 1.1-percent increase. Total revenues were $655 million, compared to $630 million in Q1 2016, a four-percent increase. Net loss was $6.4 million, compared to a net loss of $56.3 million in Q1 2016.

The shipping liner industry has been going through major developments and changes in the last year, with the increased mergers and acquisitions and the changes in the alliances’ structure. Since the third quarter of 2016 “we have been witnessing a positive trend in the industry with slightly improved freight rates in some trades,” said CEO Rafi Danieli. “However, market conditions on the whole remained challenging and volatile.”

ZIM’s Q1 results reflect a consistent improvement in the company’s performance, as a result of the reorganization the company has implemented in recent years. The company’s performance has been improving since the middle of 2015 and the adjusted earnings of Q1 2017 were the highest since then.

“With the new alliances’ structure in place, ZIM, as an independent, global niche carrier, can offer unique advantages to customers and is well prepared for the current market challenges,” said Danieli. “The renewed network of services we introduced in April is aimed at enhancing our ability to improve our performance and achieving better results, while providing superior services to our customers.”