Zim Secures $50m Loan from Israel Corp

4 June 2009 (Last Updated June 4th, 2009 18:30)

Zim Integrated Shipping has secured a $50m loan from its parent company Israel Corporation to help it survive the economic downturn. The loan is a part of a $150m facility created by Israel Corporation to help the troubled carrier survive as volume and rates fall. Zim is tryi

Zim Integrated Shipping has secured a $50m loan from its parent company Israel Corporation to help it survive the economic downturn.

The loan is a part of a $150m facility created by Israel Corporation to help the troubled carrier survive as volume and rates fall.

Zim is trying to overcome losses by axing services, laying up ships, trimming its payroll and delaying or cancelling orders for new vessels, according to The Journal of Commerce.