Cash Call for Shipowners

As container shipping struggles with its worst-ever crisis, some carriers are approaching owners of their ships for help. The Financial Times reports that Zim Integrated Shipping Services is offering equity to shipowners in exchange for reduuctions in charter rates

The newspaper said Zim disclosed the offer in an announcement to the Tel Aviv stock exchange by Zim's parent Israel Corp., which plans to lend $350 million to the struggling ship line.

Zim is the second container line to approach owners of its ships for help in staying afloat. Chile's CSAV recently made  a similar offer of equity shares in exchange for reduced charter rates.

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