Canada’s Halterm has reached a new agreement with Zim Israel Navigation Company Limited (Zim) which settles all outstanding issues and establishes a new rate structure for 2003. Zim is Halterm's largest and longest tenured customer.
Halterm operates under a long-term contract with Zim, but had been unable to reach agreement on container handling rates since January 2002. This new agreement will not have a material affect on the cash flow estimate provided by Halterm in March 2003.
"We are very pleased to have reached this agreement with Zim" said Doug Rose, president of Halterm. "This restores some stability to the business and reflects the commitment of both parties to continue our long standing business relationship in the Port of Halifax. We have agreed on further meetings this fall to work on a longer-term rate agreement."
Halterm Income Fund is a limited purpose trust. Its wholly owned subsidiary, Halterm Limited, provides the logistical link between domestic and ocean going vessels, and rail and truck transportation systems, which connect the port to major markets in Canada and the US Midwest. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
