Israeli liner operator Zim has emerged as one of the first container operators to bleed red ink this year, due mainly to the troubled transpacific trade.

The New York-listed, Haifa-based company reported a net loss of $58m in the first quarter of the year.

That marks a stunning turnaround from the net income of $1.7bn it logged in the same quarter last year.

Operating loss (Ebit) in the first quarter was $14m, a dramatic reversal compared with operating income of $2.24bn.