Entire ZIM Order Canceled as Samsung Heavy Loses Half-Billion in Contracts

zim shipping logoSamsung Heavy Industries terminated a contract to build three “very large containerships” according to a regulatory filing today.

The contracts, worth 553.8 billion KRW (USD $513 million), were initially signed by Israeli shipper, ZIM Shipping as part of an 8-vessel order in 2007.  Five ships were canceled in March of last year and with these three cancellations announced today, the entire 8-ship order has now been canceled.

The entire contract was worth upwards of USD $1.35 billion or more to the South Korean shipbuilder.