The Israeli liner carrier Zim said it has reached a deal to delay the delivery of four 10,000-TEU ships from 2010 until 2014 or 2015.
That follows a recent agreement with shipyards in Asia to postpone the delivery of nine 12,600-TEU ships, also to 2014 or 2015.
The delivery delays, the carrier said, will allow the company to defer payments due on the ships of up to $2 billion. That would theoretically allow the carrier to navigate what is expected to be a testing period through 2013, with Zim’s parent Israel Corp. estimating the line will suffer a cash flow shortfall of $1 billion through 2013.
“This extension of delivery dates marks a major step in completing Zim's recovery plan,” the carrier said in a statement.
Zim said that it had previously estimated the ocean transportation market would see a rebound in 2011, but rearranged those views as the downturn worsened and it became clear overcapacity would prevent the ocean carrier industry from recovering at the same pace as the global economy.
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