News / Danaos takes $19m hit after Zim restructure, but sails into the black in 2013

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Greek containership owner Danaos Corporation has revealed more details of its agreement with restructured ocean carrier Zim, which saw the NYSE-listed shipowner write off $19m in its 2013 accounts.

The loss relates to six panamax vessels on charter to Zim until 2020 and 2021. The Israeli carrier was paying a reduced hire on the 2008/2009-built ships on the understanding that when profitability improved it would pay what was owed.

However, like the other creditors of the Israel Corporation subsidiary, Danaos had little ...