Zim to sell marine services unit

Zim to sell marine services unit       Israel-based shipping line Zim said this week it has agreed to sell its overseas marine services business for $130 million to $170 million.
      Zim's parent company Israel Corp. said in a note to the Tel Aviv Stock Exchange that it has granted an unnamed foreign corporation 45 days to exclusively finalize the deal, with an option for a further 45-day exclusivity period.
      Zim has struggled the past two years to manage its finances in the wake of a historic downturn in container shipping revenue. The company required a surge of capital in 2009 from Israel Corp. shareholders in order to meet day-to-day operational needs, as well as to finance new vessels.
      While a rebound in volume in early 2010 may have helped, the company still recorded an $82 million loss in the first quarter of this year, saying its average freight rates were 12 percent lower than in the first quarter of 2009 (though higher than in the fourth quarter of 2010). Zim had operating losses of $675 million in 2009 and $260 million in 2008.