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

Contracts

N-KOM to Build Floating Jetty for QPMC

Nakilat-Keppel Offshore & Marine (N-KOM), a joint venture shipyard established by Nakilat and Singapore’s Keppel Offshore & Marine (Keppel O&M), has secured a contract

Boscalis to Get IJsseldelta 'Room for the River' Contract

Royal Boskalis Westminster N.V. (Boskalis) say that the Dutch Department of Public Works and the province of Overijssel intends to award the contract for the IJsseldelta polder to them.

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Finance

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Germany as a Maritime Location Endangered: VDR

Germany, which currently is home to the world’s biggest container vessel fleet, will in future have fewer small shipping firms as European banks avoid the industry

Shipbuilders Vard Report Financial Fair Sailing

Designers and shipbuilders of offshore and specialised vessels, Vard Holdings, has announced its financial results for the second quarter of financial year 2014 (“2Q2014”),

Container Ships

Container Shippers Join Forces for Safety

The Container Ship Safety Forum (CSSF) has been launched as a global business-to-business network that aims to improve safety performance and management practices in the container shipping industry.

Hamburg Süd Launches Free App

Hamburg Süd has just released a free app for smartphones and tablets that is available for its customers to download. The Hamburg Süd app allows customers to access information about Track & Trace,

Trelleborg Systems for DP World Southampton

Trelleborg’s marine systems operation has been awarded the contract to supply more than 70 UE1000 Unit Element fender systems to DP World Southampton. The new systems,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0849 sec (12 req/sec)