Zim to Buy Ships for $92m

The board of Israeli shipping company Zim approved the purchase of two container ships for a total of $91.8 million, its parent company Israel Corp., reports said. Zim received an option to buy another two ships for $47.8m each, Israel Corp., one of Israel's biggest holding companies, said in a statement to the Tel Aviv Stock Exchange. The company did not identify the seller of the ships, but noted it would pay in Japanese yen. The ships are expected to be delivered in the fourth quarter of 2010 or during the first quarter of 2011. Source: Reuters