ZIM Integrated Shipping Services Ltd. carried a total of 2.3 million TEUs in 2015, a year-on-year decrease of 2%, according to financial results released by the company.

The company attributed the drop to lower overall global demand in 2015, but said that the volume was offset by the positive contribution from the newly launched Z7S service.

However, ZIM’s throughput during the fourth quarter of the year grew by 5%.

Because of low freight rates, the total revenue dropped 12%, but ZIM achieved a net income of US$7 million for the year, compared to a net loss of US$198 million in 2014.

The carrier also reported an adjusted EBITDA of US$217 million for 2015, which was an 87% increase over 2014, according to ZIM.

“The comprehensive structural, operational and organizational changes we have implemented in recent years enabled us to achieve operating margins ranked among the top in the industry, despite continued overcapacity and freight rate deterioration,” said Rafi Danieli, CEO and president of ZIM. “In the current market environment, our asset-light business model enables ZIM to benefit from highly flexible and cost-efficient fleet management. We continue to implement our business plan, focusing on select markets where the company has a competitive advantage.”