Zim to sell global operations - report

Zim Marseilles  picture: Hillel Yarkoni
Zim Marseilles picture: Hillel Yarkoni

"The Wall Street Journal" says Israeli shipping company Zim intends to become a Mediterranean carrier only.

"The Wall Street Journal" reported on Friday that Israeli shipping company Zim Integrated Shipping Services Ltd. was examining the sale of its global container network as part of its attempt to become a regional carrier in the Mediterranean.

"The Wall Street Journal" quotes a source as saying, "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.” According to another source quoted by the newspaper, Zim plans to split the company into an international division, that it wants to sell, while it continues operating some of its ships in the Mediterranean.

The newspaper cites a valuation of Zim's fleet by VesselsValue at $267 million.

A spokesperson for Zim quoted by "The Wall Street Journal" denied that the company planned to stop providing world-wide services, while Kenon Holdings, which owns 32% of Zim, would not comment on the report.

Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Zim Marseilles  picture: Hillel Yarkoni
Zim Marseilles picture: Hillel Yarkoni
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