Zim receives US$50 million from Israel Corp as second part of aid
2012 04 06
- Details
ISRAEL's Zim Integrated Shipping Services recently received US$50 million from its major shareholder Israel Corporation as its second part of a $100 million aid package.
Funding will allow Zim to operate with adequate cash flow and comply with its financial covenants. The carrier has already received a total of $450 million fund injected by Israel Corp to avoid bankruptcy in 2009.
As the world's 16th largest carrier, Zim has not been doing well in recent years. According to maritime analyst Alphaliner's figures, it posted an operating loss of $276 million in 2011 and even much greater loss of $675 million in 2009.
Source Shipping Gazette - Daily Shipping News
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