Font Size: A A A
Go to:
×
More in Sea Transport: Ports | Liner Shipping
Voyage Search
General Shipping Search
Please select a port in Israel
Please select a port overseas
Exports from Israel
Imports to Israel
Tools & Calculators
Currencies
Update date: 07.04.2020
Currency Rate % Change
USD 3.604 -0.634
EUR 3.9195 -0.028
GBP 4.45 -0.323
100 JPY 3.3081 -0.412
Currency calculator
Calculators
length area vol. weight
cm
m
km
inch
foot
yard
mile
Clear
square cm
square m
square km
square inch
square yard
square mile
Clear
cc
litre
cubic m
cubic inch
cubic yard
gallon
Clear
kg
short ton
long ton
lb
oz
Clear
Volume Weight Calculator
Ports' Workplan

Zim hired Goldman Sachs for debt restructuring

Zim is seeking ways to improve its debt structure in view of the ongoing slump in the shipping industry and the company's heavy debt
16.03.09 / 00:00
Zim hired Goldman Sachs for debt restructuring
16.03.09
Zim hired Goldman Sachs for debt restructuring

Zim is seeking ways to improve its debt structure in view of the ongoing slump in the shipping industry and the company's heavy debt
 
Zim Integrated Shipping Services Ltd. has decided to approach Goldman Sachs in order to seek ways to improve its debt structure in view of the ongoing slump in the shipping industry and the company's heavy debt.
 
Zim Integrated Shipping Services Ltd. and other global shipping companies have been hit hard by the global economic downturn and a financial meltdown.
 
Weak global demand and a capacity glut are sinking shipping rates and many container-shipping companies are cutting routes and capacity to stem a sudden flow of red ink.Zim Integrated Shipping Services Ltd. wants Goldman Sachs to advise it on its debt structure.
 
Several weeks ago Zim reported to the Tel Aviv Stock Exchange that it had approached various shipyards about canceling or deferring newbuild deliveries.
 
With several vessels laid up at the present time, and demand weakening, this was a prudent move and it is being duplicated by most shipping companies.  Unfortunately, the move was a little too late to save the short-term markets.
 
Sources in Israel noted last week that Zim's overall financial commitments at the end of 2008 totaled some $2.0 billion.
 
The company embarked upon a massive expansion plan a few years ago to double its carrying capacity. The plan included the purchase of 22 container ships and other equipment at a cost of $3.1 billion, with the goal of putting the company back among the world's top ten shipping companies.

 

×