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Indebted Zim cancels orders for four container ships

Massively indebted Israeli container carrier Zim has canceled orders for a total of four new container ships from Hyundai and Samsung.

Photo: ZIM

One of the world's 20 largest container carriers, Israeli Zim, which is currently struggling to survive, has been forced to cancel orders for a total of four new container carriers, according to several news outlets, including Israeli media Globes. The orders had been placed at Samsung and Hyundai.

Zim, which found itself in dire straits in 2013 when the carrier started to run out of money, is in the midst of a restructuring process - a process that now results in the cancellation of the four ships, even though the company has paid USD 68 million, money that is now lost. The ships were ordered back in 2007 at a price of USD 170 million each, significantly more than the price of similar ships today, where the price is down at USD 100 million.

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