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Source: Diane Ravitch
Source: Diane Ravitch
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The Israeli state is set to loose control of container carrier ZIM who says it has finalised a $3 billion financial restructuring plan with creditors that includes a $1.4 billion debt-to-shares swap.
The deal, which is still subject to a range of approvals, includes a promise from state holding company Israel Corp. (IC) to invest $200 million of new equity in the company, provide a liquidity line of $50 million, and forgo $225 million in loans provided between 2008 and 2012, as well as an agreement by related companies to provide $180 million in support through various methods.
Altogether, support from IC and related parties in recent years will total $1.4 billion, and the restructuring will involve IC reducing its stake in the company from 100 percent to 32 percent.
More at Ship and Bunker
APM Terminals, the terminal operating arm of AP Moller Maersk, has reported a strong first quarter performance with container growth exceeding the market average.
Container volumes at the Hague-based company’s global portfolio of terminals climbed nine percent, when compared to the corresponding period last year, to 9.4 million TEU.
Meanwhile, profits jumped from US$166 million to $215 million, and return on invested capital (ROIC) also increased from the 12 percent posted in Q1 2013 to 14 percent during the month period. Profit, excluding divestment gains and impairment losses, was also up from $161 million to $217 million.
More at Port Technology
Source: In These Times
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