Israel’s Zim Looking to Sell Most Global Shipping Operations

Zim Integrated Shipping Services Ltd. is exploring a sale of its global container network as part of an effort to turn itself into a regional Mediterranean carrier. A second person said the part they want sell is their ships and customer base on the routes they have from Asia to the U.S., from Asia to the East Mediterranean and from the Mediterranean to the U.S.

Marine data provider VesselsValue values Zim’s entire fleet at around $267 million. Zim is 32% owned by Kenon Holdings Ltd., a holding company based in Singapore and listed in the U.S. and Israel. The rest is owned by banks and shipowners.

Zim reported in October a second-quarter loss of $74.2 million and said it had agreed with creditors to defer $115 million of coming payments until 2018. Its net debt stands at $1.1 billion.

(WSJ)