Zim to cancel remaining four orders for 12,500 teu neo-panamax series

Zim is expected to cancel all nine of the 12,562 teu ships it ordered in September 2007 at Samsung Heavy Industries. The Israeli carrier contracted the newbuildings at the height of the container shipping boom for USD 170 million per ship - about USD 60 to 65 million more than the market price for such vessels today.

The financially troubled carrier later deferred the ships to 2015 and 2016, and eventually canceled five of the nine orders. Following further losses at the shipping line, the remaining four hulls are now to be canceled too,

Following the cancellation, Zim might nevertheless be looking to place a number of fresh containership orders to take advantage of the current low newbuilding prices.