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CSBC to claim compensation over cancelled ZIM contracts

CSBC to claim compensation over cancelled ZIM contracts

Taipei: Taiwan's China Shipbuilding Corp (CSBC) plans to seek significant damages from Israeli shipping line Zim for scrapping orders for six containers ships, writes DPA. Zim's orders for the six 1,700teu container ships were worth a total of $220m.

CSBC is seeking compensation according to its contact with Zim, company president Lee Chih-cheng told a news conference. "The sum we are seeking will cover Zim's violation of contract and compensation. I cannot reveal the sum because our contract requires confidentiality," he said.

Lee said the cancellations will not affect CSBC's business because the firm has received enough orders from Taiwan and foreign shipping firms to keep it busy until 2012.

CSBC, based in Kaohsiung in south Taiwan, is the island's biggest shipbuilding company. It has its main shipyard in Kaohsiung and a smaller yard in Keelung, north Taiwan.  [02/04/09]