Zim unilaterally cuts charter payments 35pc, says Danaos

MAJOR shipowner and charterer Danaos Corp of Greece has revealed that Israeli flag carrier Zim Integrated Shipping, has unilaterally cut its own long-term charter payments 35 per cent.

Danaos leases six containerships to Zim on 12-year time charters, the company said, adding that it has not accepted Zim terms, which are that it will not pay for three years.

Danaos said it has since obtained waivers covering all prior breaches of financial covenants in its credit facilities as well as any subsequent breaches until October 1, 2010, Reuters reported.

Danaos reached agreements on waiver terms for all three of its credit facilities for US$908 million in July after Zim failed to make payments in March.

(Source: www.schednet.com)