JERUSALEM, Oct 5 (Reuters) - Israeli shipping company Zim, which has been hit hard by the weak global shipping market, said on Wednesday it had agreed to defer $115 million of upcoming payments to creditors until 2018. Zim said in its second-quarter report that the agreement with its creditors was to defer payments due over a 12-month period, which began on Sept. 30, until … [Read more...]
ZIM Shipping Says ‘We Can Hope’ as Losses Mount
By Mike Wackett (The Loadstar) - Zim Integrated Shipping Services recorded a $74m net loss in the second quarter of the year. This compares with a $23m profit in the same period of 2015, which the Israeli carrier blamed on “unprecedented low freight rates and severe market conditions”. Second-quarter revenue dropped 19.8% year-on-year to $612m, with average revenue per … [Read more...]
Israeli Shipping Company Zim May Be Planning U.S. IPO
By Yaacov Benmeleh (Bloomberg) -- Zim Integrated Shipping Services Ltd., a marine transportation company, hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead an initial public offering in the U.S., according to two people with knowledge of the matter. The Haifa, Israel-based company, a unit of billionaire Idan Ofer’s Kenon Holdings Ltd., is … [Read more...]
Israeli Containership Heads for L.A. After Oakland Protest
LOS ANGELES, Sept 29 (Reuters) - An Israeli-owned container ship that was blocked from unloading its cargo at the Port of Oakland by pro-Palestinian protesters over the weekend was headed to Los Angeles on Monday, according to a ship-tracking website. The Zim Shanghai left Oakland with its cargo still onboard on Sunday evening, according to the website marinetraffic.com. It … [Read more...]
Zim Completes $3.4 Billion Restructuring
JERUSALEM, July 17 (Reuters) - Israel's biggest shipping firm Zim said it completed a more than $3 billion debt restructuring that will allow the company to capitalise on the recovery in global trade. Zim said on Thursday its lending banks, ship owners and bondholders agreed to support a restructuring plan in which creditors converted $1.4 billion of Zim's total debt of $3.4 … [Read more...]