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ZIM cancels the contracts

ZIM cancels the contracts
ZIM Integrated Shipping Services, the Israeli flag carrier, has cancelled an order for six 1,700-TEU ships from Taiwan's biggest shipbuilder.

ZIM Integrated Shipping Services, the Israeli flag carrier, has cancelled an order for six 1,700-TEU ships from Taiwan's biggest shipbuilder.

ZIM Integrated Shipping Services, the Israeli flag carrier, has cancelled an order for six 1,700-TEU ships from Taiwan's biggest shipbuilder.

"Zim was apologetic," said a Taiwan's CSBC Corporation spokesman. "They said that things were so bad they had no alternative but to cancel the contracts."

The order for vessels, due to be delivered in 2010, was cancelled as Zim's financial situation deteriorated with falling rates and shrinking demand.

Zim's parent company, Israel Corp, suffered a fourth quarter loss of US$312 million, but showed a near three-fold profit increase for the year to $320 million against the $113 million earned in 2007.

Zim has been negotiating with shipyards in Asia to delay or cancel orders. Zim had 112 per cent of its current capacity on order as the year began, having cut capacity on trades as rates went into free fall.

www.TurkishMaritime.com.tr

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