ZIM Integrated Shipping Ltd. reached an agreement with
Samsung Heavy Industries of South Korea 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 shipyard’s approval. In addition, ZIM will be refunded for advance
payments in the amount of $30 million for the cancelled orders.The agreement postpones or cancels payments due in 2013, amounting to $235 million. The agreement also 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 cancelled
vessel orders.
SHIPBUILDING
20 March 2013 - 20:44
ZIM Cancels Orders for Five Vessels from Samsung Heavy
ZIM Integrated Shipping Ltd. reached an agreement with Samsung Heavy Industries of South Korea to immediately cancel orders for 5 vessels.
SHIPBUILDING
20 March 2013 - 20:44
This news 5159 hits received.
These news may also interest you