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Zim News

13 Mar 2024

Zim Reports Fourth Quarter Loss

© Dmitry Pistrov / Adobe Stock

ZIM Integrated Shipping Services has announced consolidated results for the three and 12 months ended December 31, 2023, noting a net loss for the fourth quarter of $147 million (compared to a net profit of $417 million in the fourth quarter of 2022).The net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion (compared to a net profit of $4.63 billion for the full year of 2022).Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%.

04 Mar 2024

Fire Caused by Blasts Breaks Out on Ship Southeast of Aden

© Maciej Olszewski / Adobe Stock

A fire caused by nearby explosions broke out onboard a vessel southeast of the Yemeni port city of Aden on Monday, before being contained, the U.K. Maritime Trade Operations (UKMTO) agency and British security firm Ambrey reported."The Master reports the fire onboard has been extinguished and that the crew are all safe. Coalition Forces are responding," UKMTO said in a recent update on the incident.It later added that the vessel was clear of the area and was proceeding to its…

23 Feb 2024

ZIM Names Trio of LNG Containerships

Image courtesy ZIM

The naming ceremonies of three new vessels joining ZIM’s fleet were held in Korea and China this week for ZIM Integrated Shipping Services, continuing ZIM’s widescale fleet renovation.The naming ceremony of Zim Mount Elbrus and Zim Mount Vinson, the final additions to the series of ten 15,000 TEUs advanced LNG vessels, took place at the SHI Geoje shipyard in Korea. These vessels, showcasing state-of-the-art LNG technology, were named in a traditional manner by their respective godmothers, Mrs. Hani Kalinsky, ZIM's EVP Pacific Business Unit, and Mrs.

07 Feb 2024

US, UK Ship Investors Hit by Soaring Red Sea Insurance

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War underwriters have raised the premiums they charge to U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea and some providers are avoiding such business due to targeting of the vessels by Yemen's Houthis, sources said.Attacks by the Iran-aligned Houthis since November have slowed trade between Asia and Europe and alarmed major powers. The Houthis say they are acting in solidarity with Palestinians as Israel's war against Hamas militants in Gaza…

19 Dec 2023

Malaysia to Ban ZIM From its Ports

Source: Prime Minister's Office of Malaysia

Malaysia will ban Israeli shipping company ZIM from docking at any of its ports effective in four weeks, Prime Minister Anwar Ibrahim said on Wednesday."This restriction is a response to Israel's actions that violate basic humanitarian principles and international laws," Anwar said in a statement, referring to its military response in Gaza to a deadly incursion in southern Israel in October by Hamas militants.(Reuters - Reporting by Danial Azhar; Editing by Martin Petty)

08 Dec 2023

OpEd: Shipping Seeks Safe Waters in Era of Deadly Geopolitics

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As tankers, car-carriers and other merchant vessels pass through the Malacca Strait, unlit fishing boats criss-cross the shipping lanes at night, making it one of the most challenging sea areas of the world to transit, even during peacetime.Should a major war ever come to Asia, those challenges could be magnified spectacularly, with hundreds of vessels abruptly leaving the international waters in the middle of the Strait for what they hope might be the relative safety of the national territorial waters of nearby neutral nations.The Strait – between Thailand…

04 Dec 2023

War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks

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War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on Monday.The incidents are the latest in a series of attacks in Middle Eastern waters since a brutal war between Israel and the Palestinian Islamist group Hamas broke out on Oct. 7.The three commercial vessels came under attack in international waters in the southern Red Sea, the U.S.

29 Nov 2023

Red Sea Attacks Spark Safety Concerns for Seafarers

(Photo: Screenshot from video shared by Yemeni Armed Forces)

Commercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday.An attempted hijacking of a commercial vessel in the Gulf of Aden on Sunday appears to have been carried out by armed Somali pirates and not Yemeni Houthis, despite the firing of missiles from Houthi-controlled territory in Yemen afterwards, the Pentagon…

27 Nov 2023

ZIM Announces Rerouting of Some Vessels

Source: ZIM

Israel-based container shipping company ZIM Integrated Shipping Services has reaffirmed its continued commitment to serve the East Mediterranean and Israeli ports.The message comes after incidents in the Red Sea where militant groups have indicated the desire to disrupt Israeli shipping movements.“Operations to and from these ports will be maintained with the highest regard for safety protocols which are essential to safeguarding the interests of all stakeholders,” said the company in a statement.“In light of the threat to safe transit of global trade in the Arabian and Red Seas…

02 Nov 2023

Israel's Ship Industry Urges Government to Help with Jump in War Insurance

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Ships sailing for Israel face a 10-fold jump in war risk premiums as the conflict in Gaza intensifies, prompting industry calls for the government to help ensure vital imports keep coming.Israel has vowed to annihilate Islamist group Hamas after its fighters stormed through Israeli towns from Gaza on Oct. 7, killing 1,400 people and seizing more than 220 hostages.Israeli forces have hit back with deadly air strikes and now a ground offensive on the narrow coastal strip, with growing fears the conflict could escalate and pull in the whole region.Israel…

11 Oct 2023

Israel's Ports Feel Strain as Shipping Traffic Slows After Attacks

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Activity at Israel's ports is slowing after Saturday's attacks by Islamist group Hamas on towns close to Gaza, with the cost of insurance premiums for Israeli shipments soaring amid tightening supplies of food stocks, according to sources and data.Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said.While the main Israeli ports of Ashdod further up the coast and Haifa in the north…

11 Oct 2023

Zim Says Shipping Interruptions May Occur to Israel Service

© Daniel / Adobe Stock

Operations and services to Israeli ports are continuing without interruption although service interruptions may occur at short notice, Israeli container line Zim said on Wednesday.While around 90% of its operations are outside Israel, the company said this week it had offered its ships for the national needs of the country."Service interruptions may occur, on short notice, as a result of safety guidelines dictated by the Israeli authorities."(Reuters - Reporting by Ari Rabinovitch and Jonathan Saul; Editing by Kirsten Donovan)

16 Aug 2023

ZIM 2Q Revenues Plunge 62%

ZIM SAMMY off of New York. Photo courtesy ZIM

Pain in the containershipping sector is not uncommon in 2023, and Israel's ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is no exception, today reporting 2Q and six month results:Net loss for the second quarter was $213 million, negatively impacted by a non-cash after tax item of $51 million related to the redelivery of certain vessels.Operating loss (EBIT) for the second quarter was $168 million, compared to operating income of $1,764 million in the second quarter of 2022Revenues for the second quarter were $1…

20 Apr 2023

Seaspan Names Two New LNG Containerships in Korea

(Photo: ZIM)

Two of new liquefied natural gas (LNG) fueled containerships were named and commissioned during a ceremony at Samsung Heavy Industries in South Korea.The newly built ZIM Mount Everest and ZIM Mount Blanc are the second and third 15,000 TEU LNG-Powered vessels in a series of 10 vessels being built for Seaspan Corporation for long term charters to Israeli carrier ZIM, Both vessels will join ZIM Sammy Ofer, delivered in February 2023, as the first LNG containerships to call the U.S. East Coast.The Neo-Panamax vessels are 366-meters long with a 51-meter beam.

27 Mar 2023

ZIM and Shell Complete First LNG Bunkering in Jamaican Waters

(Photo: ZIM)

ZIM Integrated Shipping Services Ltd. and Shell International Petroleum Company Limited announced the successful bunkering of the ZIM SAMMY OFER containership with liquefied natural gas (LNG), marking the first LNG bunkering operation in Jamaican waters. The vessel was bunkered at Kingston Freeport Terminal Limited (KFTL) on March 26, 2023. The ZIM SAMMY OFER is the first in a series of ten 15,000 TEU LNG dual-fuel containerships which ZIM plans to deploy on their ZCP trade line.

09 Mar 2023

ZIM's First LNG-powered Containership Begins Maiden Voyage

(Photo: ZIM)

Israeli container carrier ZIM announced its first vessel fueled by liquefied natural gas (LNG) has set sail on its maiden voyage.The 15,000 TEU dual-fuel box ship Zim Sammy Ofer, built by South Korea's Samsung Heavy Industries, is the first of 10 vessel ordered in a long-term chartering agreement between ZIM and Seaspan Corporation.The Neo-Panamax vessel is 366-meters long with a 51-meter beam. The vessel has a max service speed of 22.5 knots, a dual-fuel main engine with output of 46…

17 Feb 2023

Zim Sammy Ofer: The First LNG-powered Vessel in ZIM's Fleet

©ZIM

South Korea's Samsung Heavy Industries shipyard hosted a naming ceremony for the 15,000 TEU LNG dual-fuel vessel Zim Sammy Ofer.The Zim Sammy Ofer is the first of 10 vessel ordered in a long-term chartering agreement between ZIM and Seaspan Corporation. The vessel was named after the late shipping magnate Sammy Ofer, who passed away in 2011. The Neo-Panamax vessel is 366-meters long with a 51-meter beam. The vessel has a max service speed of 22.5 knots, a dual-fuel main engine with output of 46…

25 Oct 2022

Seaspan's First LNG Dual-fuel Containership Launched for Zim Charter

(Photo: Seaspan Corporation)

Seaspan Corporation said its first vessel in a series of 10 new 15,000 TEU liquefied natural gas (LNG) dual-fuel containerships has been launched at Samsung Heavy Industries' shipyard in Geoje, South Korea.The newbuild, ZIM Sammy Ofer, was floated out on October 15 and is scheduled to enter service under a long-term charter to Israeli shipping company ZIM starting in 2023.The 10 ships ships were ordered in February 2021 and are expected to be delivered in 2023 and 2024 and will be used by ZIM for transporting goods from China and South Korea to U.S.

13 Jun 2022

Ocean Yield Buys Methanol-ready Containership

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Norwegian shipowner Ocean Yield announced it has agreed to purchase a 5,500 TEU containership under construction at HJ Shipbuilding in South Korea. The vessel is built with a design enabling it to be converted to dual fuel operation with methanol as fuel.The newbuild is scheduled to be delivered in November 2023.Upon delivery, the vessel will commence a seven-year time charter contract to Israeli ocean carrier ZIM, Ocean Yield said, adding that the charter will add approximately $80 million to its EBITDA backlog.

31 Aug 2022

Zim Inks $1 Billion LNG Bunkering Deal with Shell

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ZIM Integrated Shipping Services Ltd. on Wednesday announced it has signed a liquefied natural gas (LNG) bunkering deal valued at more than $1 billion with Shell NA LNG, LLC as the Israeli container shipping seeks to reduce emissions from its operations.Under the 10-year sales and purchase agreement, Shell will supply 10 LNG-fueled vessels that will be deployed on ZIM's flagship ZIM Container Service Pacific (ZCP), on the Asia to USEC trade. The 15,000 TEU vessels are expected to enter into service during 2023-2024 and will be transporting goods from China and South Korea to U.S.

18 Jul 2022

Ocean Yield Buys 5,500 TEU Newbuild

Credit: Igor Groshev/AdobeStock

Ocean Yield, which describes itself as a ship-owning company with investments in vessels on long-term charters, has agreed to buy a 5,500 TEU container vessel newbuilding under construction at HJ Shipbuilding, Korea. The vessel design enables it to be converted to dual fuel operation with methanol as fuel. Delivery of the vessel is expected in May 2023. Upon delivery, the vessel will start a seven-year time charter contract to ZIM Integrated Shipping Services Ltd., which will…

12 Aug 2022

ZIM Invests in Tracking Solutions Company Hoopo

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Israeli shipping company ZIM Integrated Shipping Services Ltd. said it has invested in Hoopo Systems Ltd., a provider of tracking solutions for unpowered assets, as the firm sets out to develop a first-of-its-kind tracking solution for dry containers.New York-listed ZIM announced Friday that it invested $5.5 million in Hoopo, alongside both existing and new financial investors as part of a recently completed Series A financing round.Proceeds of this investment are intended to…

23 Aug 2022

General Average Declared for Fire-stricken Zim Charleston

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General average has been declared for the ZIM Charleston after stacks of containers caught fire on board the vessel earlier this month.The fire broke out in a cargo hold while the Seaspan-owned containership was navigating off Colombo, Sri Lanka on August 8. It has been reported that approximately 300 containers may have been affected by fire, heat and smoke, as well as water damage from firefighting operations.Investigators are working to determine the cause of the fire and gauge full extent of the damage.Meanwhile…