ZIM announced that it has reached an agreement to immediately cancel orders for 5 vessels and postpone delivery of other vessels to 2016. The company also has an option to cancel additional 4 orders, pending shipyards approval, the carrier said in a statement.
In addition, ZIM will be refunded for advance payments in the amount of $30 million for the cancelled orders.
The agreement postpones or cancels payments due in 2013, amounting to $235 million. The agreement releases the company from Off-balance sheet obligations amounting to $1.4 billion. The company is expected to state a loss of $133 million in Q4 2012 as a result of the cancellations of vessels’ orders.