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Zim Line News

12 Feb 2021

Port of Baltimore Bests Its Container Moves Record

Maersk Edinburgh at Baltimore’s Seagirt Marine Terminal, Ports America, Chesapeake, February 9, 2021.  Photo courtesy of Maryland Port Administration.

The Helen Delich Bentley Port of Baltimore reports it has again topped its record for most container moves from a single ship.The 6,000 container moves conducted by longshore workers from the Maersk Edinburgh at the Seagirt Marine Terminal this week are the most ever in the port's the 315-year history. Maersk Edinburgh arrived at the port on Monday, February 8, and left early Thursday, February 11. The final container move was completed at 9:40 p.m. Wednesday.The new high mark—which counts the number of times an imported container is unloaded from a ship…

19 Aug 2020

Port of Baltimore Sets Cargo Moves Record

(Photo: MDOT Maryland Port Administration—Port of Baltimore)

The Helen Delich Bentley Port of Baltimore’s Seagirt Marine Terminal topped its record for most container moves from a single ship.The 5,536 container moves conducted by longshore workers handling the Maersk Edinburgh over three days was the largest number of moves for a single ship in the port’s 314-year history, surging past the previous record of 5,181 moves set last year.“This record container activity is a significant milestone for the Port of Baltimore and a sign that the maritime shipping industry is coming back and fueling Maryland’s economic recovery,” said Governor Larry Hogan.

15 Jul 2014

Zim Line Debt Restructuring Plan to Proceed

Israel's Finance Ministry and Israel Corp have reached a compromise regarding the government's "golden share" in the country's biggest shipping company Zim, paving the way for a $3 billion debt restructuring plan to move ahead. The government last week appealed an Israeli court ruling regarding the golden share but the two sides said on Tuesday they have reached a compromise that is similar to the original court ruling. As a result, Israel Corp said in a statement, it has asked the district court to approve the restructuring arrangement it has reached with its shareholders. If the court approves, Israel Corp said it plans to carry out its part of the deal by the end of Tuesday.

28 Mar 2014

Israel's Zim Line Falls Deeper in the Red in 2013

Image courtesy of Zim Line

Revenues of Zim, Israel Corp's shipping unit, dropped 7 percent as overall freight rates declined by 9 percent in 2013 and its loss rose from US$ 433-million in 2012 to US$535-million in 2013, according to Xinhua. Container ship operators Zim Line, which holds 2 percent of the international shipping market, is in the middle of financial restructuring. The process includes negotiations on cancelling the state's golden share, while keeping Israel's security needs and government interests. Source: Xinhua

28 Feb 2014

P3 Network Restructures the Shipping World

Photo: Xeneta

The P3 agreement between Maersk, MSC, and CGM CMA continues to roil the waters. While the agreement’s pros-and cons are about to be scrutinized in an upcoming meeting between America’s Federal Maritime Commission, the European Competition Commission, and China’s Ministry of Transport, carriers outside the P3 are aggressively taking steps to stay competitive regardless of the regulators final decision. Hapag-Lloyd and CSAV announced 5 December they have been holding discussions on the possibility of merger or some other form of co-operation.

20 Mar 2013

Zim Line Regards Newbuilding Cancellations an Achievement

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.

05 Jun 2012

Korean Shipbuilders in Troubled Waters

According to a report by Park Si-soo in the 'Korea Times', Korean shipbuilders are caught between a rock and a hard place. The prolonged global economic downturn has ship owners killing orders or requesting a postponement on deliveries as they struggle to cope with the financial squeeze. This has Korea’s once-mighty shipbuilding industry down on all fours. Shipbuilders say they are struggling to cope with a growing inventory of unsold ships, which they put up for resale at below market prices but still struggle to get off their hands. This desperate measures trigger a vicious cycle where potential buyers demand  even lower prices for their ships, industry sources say.

07 Jan 2009

Danaos Adds 39th Containership

Danaos Corporation (NYSE: DAC) announced Jan. 6, 2009, that it took delivery of one more containership, the Zim Monaco, expanding its operational fleet to a total of 39 containerships aggregating 157,427 TEU. The Zim Monaco has a carrying capacity of 4,253 TEU and was built by Samsung Heavy Industries. It is 853 ft long, 105 ft wide and has a speed of 24.5 knots (about 45 Km/h). The Zim Monaco has already commenced its 12-year time charter at fixed rates immediately upon delivery. This vessel is recorded as the first vessel export in Korea's shipbuilding industry in 2009, and it is the 16th vessel Danaos has received from Samsung Heavy Industries out of the 18 vessels that Danaos has ordered in total at the shipyard. "We enthusiastically welcome the latest delivery," said Dr.