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ZIM to Sell Container Network?

ZIM to Sell Container Network?

According to reports, Israel’s biggest shipping company ZIM Integrated Shipping Serviced Ltd. is investigating sale possibilities of its entire global container network, reported the Wall Street Journal.

The company is rumoured to be selling its container network in order to emerge as a major player in the Mediterranean shipping market as a carrier; ZIM is based in Singapore, but is listed in Israel and the US and is estimated to be valued at US$267 million.

The unnamed source told the Wall Street Journal: “ZIM is on the market; their bankers are traveling around the world with a sale prospectus, tapping interest from global shipping majors and other investors.”

ZIM, however, are denying the rumours: “ZIM is rejecting the rumour that it has intentions to sell its global shipping operations; we have been a global player for the past few decades and we have no intentions whatsoever to stop [providing] world-wide services to clients,” he said.

ZIM Integrated Shipping Services announced in October, 2016 that it was launching a new Asia-Pacific North West service, China Express Northwest service (CEN); CEN is the only Pacific North West service which calls at Xingang, offering the fastest eastbound leg available from Xingang, Qingdao and Shanghai.

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