• BIST 105.026
  • Altın 162,753
  • Dolar 3,9187
  • Euro 4,6430
  • İstanbul 12 °C
  • Ankara 4 °C

Shipping suffers from recession

Shipping suffers from recession
Israel Corp. holding Zim Integrated Shipping Services Ltd. faces another challenge as the shipping industry continues to suffer from the global recession.

Israel Corp. holding Zim Integrated Shipping Services Ltd. faces another challenge as the shipping industry continues to suffer from the global recession.

Israel Corp. holding Zim Integrated Shipping Services Ltd. faces another challenge as the shipping industry continues to suffer from the global recession. German insurance giant Euler Hermes informed suppliers last month that it will no longer underwrite deals with Zim.

The deals are primarily fuel supplies to Zim. Reportedly, Euler Hermes notified BP, Chevron-Texaco, and other energy companies.

Credit insurance is not a requirement for fuel supply contracts in the shipping industry, but the move does point to a higher perceived risk level for Zim, which is expected to increase the pressure on the firm.

Industry sources note that Euler Hermes decided to cut credit insurance to the shipping industry in general, with Zim being one of the first, but not the only, firms to be affected. According to those sources, the fact that Zim is backed by the Ofer family and by Israel Corp keeps the company in a good position relative to its rivals.

Zim responded to the report saying, "To the company's best knowledge, in light of the economic conditions in the shipping sector, Hermes is reconsidering the whole shipping industry. It should be emphasized that additionally, not one of Zim's suppliers has reduced the credit to the company."

www.TurkishMaritime.com.tr

This news is a total 3870 time has been read
  • Comments 0
    UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
    Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
    Bu habere henüz yorum eklenmemiştir.
Other News
  • Cosco Energy Transportation to Buy New Tankers23 November 2017 Thursday 12:55
  • Captain Survives Alone on Tanker for a Year23 November 2017 Thursday 12:16
  • Vigor May Purchase San Francisco Shipyard23 November 2017 Thursday 11:41
  • BAE Systems gets $8.8 million for amphibious ship work23 November 2017 Thursday 10:52
  • Arctic LNG Carriers Delivered: RS Class22 November 2017 Wednesday 17:41
  • NOAA Shuts Down 22 Fishing Boats over "Codfather" Scandal22 November 2017 Wednesday 17:03
  • Hapag-Lloyd Takes Up New Refrigerant Reefers22 November 2017 Wednesday 16:18
  • Europe's Shipbuilding Industry Under Threat22 November 2017 Wednesday 15:32
  • Three box ships will have Langh scrubbers, EGR water treatment22 November 2017 Wednesday 14:55
  • Damen wins order for twin rig fishing trawler22 November 2017 Wednesday 14:11
  • All Rights Reserved © 2006 TURKISH MARITIME | İzinsiz ve kaynak gösterilmeden yayınlanamaz.
    Phone : 0090 212 293 75 48 | Fax : 0090 212 293 75 49 |