SHI Canceled ZIM Shipping Contract (South Korea)

Samsung Heavy Industries decided to cancel fulfillment of the contract with Israeli company ZIM Shipping, the Korean shipbuilder revealed today in a regulatory filing to the Korea Stock Exchange.

Originally, three cancelled ships were part of an 8-vessel order from 2007 worth USD $513 million. The first five ships were canceled in March 2013 and with this contract termination the entire deal, worth more than USD $1.35 billion, has been scrapped.

[mappress]

World Maritime News Staff, February 7, 2014