Zim delays newbuilding programme

Zim Integrated Shipping Services is holding discussions with South Korean shipyards to delay the delivery of new containerships by a year. The Israeli company is scheduled to receive nine boxships this year.

Its aggressive fleet expansion strategy has backfired in the wake of the global financial crisis, and Zim?s parent company, Israeli Corporation, has stated that it was not able to finance half the cost of the ships, and would have to find a way to raise the capital. Zim has so far laid up 20 vessels, out of its fleet of 104 ships.