Israel-based shipping company, Zim, is going to sell its overseas marine services business for between US$130 million to US$170 million following two years during which the company struggled to overcome the container shipping downturn.
According to a report in American Shipper, Zim's parent company, Israel Corporation, has granted an unnamed foreign company 45 days to finalise a deal.
Zim recorded a US$82 million loss in the first quarter of 2010, with its average freight rates 12 percent lower than in 2009. It operated at a US$675 million loss in 2009, crippling the company.
