Zim ship (Archive photo)
Zim purchases Hyundai ships for USD 1 billion
Israeli shipping company buys eight new generation container ships from South Korean firm. Zim chairman: Deal will put us in the forefront with major shipping companies around the world
Zim Shipping Services, which is privately owned by the Ofer Brothers Group, has purchased eight container ships from Hyundai for USD 1 billion. The ships are expected to be delivered to the company in the second half of 2009.
Top ZIM executives Idan Ofer, CEO Yossi Rosen and Doron Goder signed the deal for the purchase of the new generation ships from Hyundai’s shipyards in South Korea.
The purchase includes four TEU 8,200 type vessels and four TEU 10,000 ships.
"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 Ofer.
Zim's President and CEO Doron Goder said “the deal will enhance Zim's service, minimize shipping time, and expand shipping lines to Asia, Europe, and America."
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 it acquired from Hyundai.
