Thursday, July 9, 2009

Zim considered a credit risk

I guess that's what this headline means...

From Lloyd's List (click here)
TRADE credit insurers are refusing cover to struggling shipping companies’ fuel suppliers, with boxship line Zim emerging as an initial casualty in this latest turn in the economic crash.

I don't know much about Zim. I thought it was owned by the Israeli Government, but apparently by 2004 it was completely privatized.

I knew someone who knew someone (talk about here say) who worked there. It was assumed Zim was a cover for Mossad operations. I have no idea if this was true.

Anyway, the Israeli government no longer has any investment, and it appears that Zim is in some financial trouble.

I think this is one of the carriers which won't survive in this downturn.

Sorry to say.

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