Zim orders 8 ships for USD 1 billion
Zim continues its buying spree, aimed at doubling its business. After purchasing 12 ships from the Ofer Brothers Group and leasing 12 more, Zim signs a huge deal with Hyundai shipyard to purchase 8 container mega ships
The board of directors of the Israeli Zim Shipping Services company approved on Wednesday a huge deal to purchase 8 mega container ships from the Korean Hyundai shipyard.
The new generation ships, which are the newest trend, are said to dominate the shipping line market in the near future.
According to the contract, Zim will buy four ships capable of carrying 8,200 containers and four ships capable of carrying 10,000 containers. The deal is worth USD 1 billion, and Hyundai will provide the ships in the second half of 2009.
"Zim will be able to meet the demands of global shipping in the next few years and the deal will put us in the forefront with major shipping companies around the world, who also ordered the same type of ships," said Zim's Chairman Idan Ofer.
"The deal will enhance Zim's service, minimize shipping time, and expand shipping lines to Asia, Europe, and America," said Zim's President and CEO Doron Goder.
Since the company was privatized two years ago, it has embarked on a purchasing spree as part of its multi-year program to double its capacity and its business. In the past 12 months Zim purchased 12 new ships in addition to the ones ordered from Hyundai.
