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$350m cash injection for ZIM

$350m cash injection for ZIM
ZIM Integrated Shipping Services is set to receive a $350m cash injection from parent company Israel Corp as part of a recovery plan for the liner company.

ZIM Integrated Shipping Services is set to receive a $350m cash injection from parent company Israel Corp as part of a recovery plan for the liner company.

ZIM Integrated Shipping Services is set to receive a $350m cash injection from parent company Israel Corp as part of a recovery plan for the liner company.

The cash boost, which has still to be approved by Israel Corp shareholders, comes after Zim received loans totalling $150m from its parent company.

Details of the latest financial lifeline were given in a regulatory filing by Israel Corp to the Tel Aviv Stock Exchange on Sunday.

Israel Corp, which owns about 99% of Zim, said the shipping line has a cash deficit of about $1bn.

Zim plunged deeper into the red after it reported a net loss of $119m in the first quarter of this year, compared with a $29m net loss in the same period last year.

www.TurkishMaritime.com.tr

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