Israel Corp, the country's largest holding company, posted a 620 million US dollar loss in 2013 amid declining profits of its most lucrative chemical company and widening loss by its shipping unit.

The 2013 loss was more than four times that of 2012's 146 million dollars, according to the financial report issued by Israel Corp on Thursday.

Revenues of Zim, Israel Corp's shipping unit, dropped 7 percent as overall freight fares declined by 9 percent in 2013. Its loss rose from 433 million dollars in 2012 to 535 million dollars in 2013.

Zim, which holds 2 percent of the international shipping market, is in the middle of financial restructuring. The process includes negotiations on canceling the state's "golden share," while keeping Israel's security needs and government interests.

Profits of Israel Chemicals, Israel Corp's most profitable subsidiary, declined from 1.3 billion Dollars in 2012 to 819 million dollars in 2013 amid slowdown in global potash price. Israel Chemicals is the world's sixth largest producer of potash.

Losses of the Chinese car manufacturer Qoros, a joint venture of Chery Automobile and Israel Corp, also increased. The company posted an annual loss of 225 million dollars, compared with 108 million dollars a year earlier.