Delay problems with Zim boxships

Industry sources claim that South Korean top shipbuilders have not given the Israeli shipping company Zim approval to delay boxship deliveries by two to five years.

They say both Hyundai Heavy Industries and Samsung Heavy Industries have not accepted Zim’s proposal to postpone delivery as the delay will lead to multimillion-dollar losses. Market experts claim that the two yards in question are more likely to accommodate owners’ requests if the deferment period is one year but that any longer will create cash-flow problems for the shipbuilders.

Zim announced last week it had reached an understanding with the yards. It claimed that postponing delivery of four 10,000-teu and nine 12,600-teu vessels until 2014 and 2015 would help it defer payments of up to $2bn. The company’s 10,000-teu units are booked at Hyundai with delivery scheduled for next year, while the 12,600-teu ships are at Samsung and due to be completed in 2012.