An important contribution to Israel Corp.’s second quarter net profit came from Zim Integrated Shipping Services Ltd., which posted a net profit of $3 million, compared with a net loss of $186 million for the corresponding quarter. Zim reported its first operating profit – $46 million for the second quarter compared with an operating loss [...]
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A Gold Star (Zim) ship recently docked at Port Klang, Malaysia. Malaysian International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir said the government is discussing whether or not to bar the Israeli-owned ships docking at Malaysian ports. On June 8, the Sun reported that a fleet belonging to Gold Star Lines, a subsidiary of Israel’s [...] Oakland Police watch over protesters at berth 52 of the Port of Oakland on Sunday. Click on the image to read the article in the Mercury News. Hundreds of peace activists prevented the unloading of an Israeli ship at the Port of Oakland Sunday by forming a picket line that was considered a [...] Containership charter rates are rallying as ocean carriers scramble for tonnage in response to a stronger-than-expected rebound in cargo volumes as the industry emerges from its deepest recession. A gearless Panamax vessel with 3,500 20-foot equivalent units capacity is earning $7,000 a day, up 19 percent from $5,450 in December and $425 above the 2009 average, [...] The U.S. Federal Maritime Commission, after a 45-day review, has allowed container lines in the Transpacific Stabilization Agreement (TSA) to discuss and coordinate strategies that will reduce air and water pollution, as well as vessel fuel consumption. The CEO of Hanjin Shipping Co. said it will be important for carriers, ports, terminals, regulatory agencies and [...] According to a report issued last week by shipping news source Alphaliner, Zim Integrated Shipping Services Ltd. has taken delivery of the second of eight TEU 10,000 vessels, though the vessel has not yet been assigned to any service. The Zim Antwerp (114,044 GRT, 10,062 TEU) follows the delivery earlier in 2009 of the Zim [...] A number of container industry players are now reporting an uplift in cargo volume and generally suggesting that things are getting better. The road to recovery? Well, it depends on how you define it. If you are a container shipping line, yes; on certain key trade lanes you can point to a recovery in volumes [...] The delivery of one out of every five containerships due for delivery during the last three months was postponed, said the Baltic and International Maritime Council, a shipping association based in Denmark. While the container shipping segment was hardest hit, one in six new ships of all kinds is being delivered at a later date [...] China Shipping celebrates its 10-year anniversary of service with the port of Los Angeles this month. China’s second-largest carrier leases a high-volume container terminal that ranks as one of the port’s busiest operators and is in the middle of a major expansion project that will increase throughput, create thousands of jobs and reduce air emissions. From [...] The Zim Barcelona Israel Corp., the majority shareholder in Zim Integrated Shipping Services, said it has named Nir Gilad as chairman of the troubled shipping line. Gilad, a former Accountant General and Deputy Head of the Budget Division of Israel’s Ministry of Finance, is currently chief executive of Israel Corp., one of Israel’s largest holding [...] Zim Integrated Shipping Services said its parent Israel Corp. will provide a $450 million capital injection and a $100 million “safety net” to shore up the struggling Israeli carrier’s finances. … Zim lost $302 million in the first half of 2009 and has laid up about a fifth of its fleet, but has orders for [...] Hyundai Merchant Marine will increase freight rates for the trade moving on its services from China to India and Pakistan. … The South Korean carrier said the rate increase is necessary to provide reliable services to customers. In related news, Zim Integrated Shipping Services will seek a rate hike on the westbound trades from Asia/Indian [...] Israel Corp., the holding company of Zim Integrated Shipping Services, reached an agreement with its bondholders Sunday night according to which, debts of 350 million dollars, which were meant to be paid off between 2012 and 2015, will only be paid in 2016, and with an option to push it further until 2020. In exchange, [...] The Zim Barcelona Israel Corporation subsidiary Zim Integrated Shipping Services Ltd., burdened by $3.5 billion of debt, is nearing completion of an arrangement with its creditors. After Israel Corp. postponed by two weeks a shareholders meeting that was due to have been held today to vote on an injection of cash, because of [...] TSA member Hanjin As transpacific container lines continue to report serious financial losses and major service consolidations, member carriers in the Transpacific Stabilization Agreement (TSA) have adopted voluntary guidelines for the upcoming service contracting season aimed at [...] |
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