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Zim cancels 5 newbuildings, delays deliveries

Zim cancels 5 newbuildings, delays deliveries
Tel Aviv: ZIM has become the latest line to cancel newbuildings, with five contracts annulled and possibly more to come.

ZIM said it had cancelled five unspecified newbuildings at an undisclosed shipyards and would receive $30m in refunds on advance payments. Further the company said it had delayed the delivery of a number of other newbuildings until 2016. The agreements cancel payments totaling $235m due in 2013.

The line said it had the option to cancel four more newbuildings pending approval from the shipbuilder.

ZIM said it expects to report a fourth quarter loss of $133m as a result of the newbuilding cancellations.

The company operates a fleet of roughly 100 vessels, 29 of which are fully or partly owned by ZIM itself.


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