Orient Overseas joins ZIM in raising cash, competition remains fierce — Panjiva
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Orient Overseas joins ZIM in raising cash, competition remains fierce

Corp - Shipping 1026 Earnings 759 European Union 878 Financing 115 Mode - Containerized 1524 Mode - Seaborne 1845 U.S. 5399

Orient Overseas has filed with the Hong Kong Stock Exchange to raise HK$933 million ($120 million) in new equity. That comes at the same time as a proposed NYSE listing of fellow container line ZIM Shipping which has filed to raise as much as $382 million. Both are looking to raise money to finance investments in new container ships and come after a surge in demand for container shipping services and historic highs for container shipping rates. Orient Overseas’ global volume handling climbed 23.7% higher year over year in Q4’20 while its average achieved rates climbed 22.2% higher. The T...

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