Zim Line Regards Newbuilding Cancellations an Achievement

Press Release
Wednesday, March 20, 2013
Container Ship 'Zim Ningbo': Photo credit Zim Line

Newbuildings orders for 5 container ships were cancelled and advance payments partially refunded

 by the shipbuilders.

In addition, the company reached an agreement regarding the postponement of payments due in 2013 for other orders. The agreements relieve the company from Off-balance sheet obligations amounting to $1.4 billion. 



Zim reached an agreement to immediately cancel orders for 5 vessels and postpone delivery of other vessels to 2016. The company also has an option to cancel additional 4 orders, pending shipyards approval. In addition, the company will be refunded for advance payments in the amount of $30 million for the cancelled orders.

The agreements postpones or cancels payments due in 2013, amounting to $235 million. The agreement releases the company from Off-balance sheet obligations amounting to $1.4 billion. The company is expected to state a loss of $133 million in Q4 2012 as a result of the cancellations of vessels’ orders.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

OGX lands $73 Mln loan

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the

Zamakona to Build Tug for HPC

Haifa Port contracts 70 t Voith Tug with Zamakona Yards Haifa Port Company (HPC) has awarded the international tender for a new build Voith Schneider tug to Zamakona Yards.

US Retailers Urge Speedy W. Coast Labor Contract Negotiations

The National Retail Federation (NRF) informs it has urged maritime management and the union representing dockworkers along the U.S. West Coast ports to expedite

Finance

OGX lands $73 Mln loan

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the

Libya to export first cargo since rebel deal

An oil tanker is due to load 1 million barrels of crude on Tuesday from Libya's recently reopened Hariga port, its first export shipment after a deal to end months of closures at its key terminals,

ThyssenKrupp in Talks to Sell Swedish Shipyard to Saab

ThyssenKrupp is in talks to sell its Swedish marine defence unit to Saab after failing to reach a deal with Sweden for a new generation of submarines as the country

Container Ships

Search is on for Man Overboard in the Pacific

The U.S. Coast Guard is searching for a male crewmember reported overboard from a container ship approximately 805 miles northeast of Oahu, Monday. Watchstanders

Ben3D Introduces ContainerTug 600S

Ben3D BV Naval Architecture introduce in collaboration with Oonincx Shipbuilding BV the innovative ContainerTug 600S. A strong, compact Dutch built workboat with

Cargo Sits Waiting a Fortnight in Asia: Analysts Seek Reasons

Jochen Gutschmidt, head of global transport procurement at Nestle, asked the Global Liner Shipping Conference in Hamburg last week: “Why is cargo waiting in Asia

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1553 sec (6 req/sec)