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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