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Israel Corp News

10 Oct 2016

Drewry Finds Risk of Carrier Failure Still High

Drewry’s Z-score carrier financial stress index sunk to its lowest ever point following the first-half 2016 results. After Hanjin’s bankruptcy shippers are demanding more financial transparency from carriers. There is still much work to be done to clean up the logistical chaos created by Hanjin’s bankruptcy, but even so there are lessons from the sorry mess that need to be learned to avoid a repeat occurring. Firstly, all stakeholders must understand that no carrier is too big to fail. The hitherto expectation that some white knight would rescue an ailing carrier has been erased forever. Secondly, while Hanjin’s financial position was at the extreme edges and its demise is not expected to create a domino effect…

09 Oct 2015

Zim plans Wall Street IPO

Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported. Zim Integrated Shipping Services Ltd has hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead a New York IPO, according to two people with knowledge of the matter, says the report. The IPO is planned for the first half of 2016. The shipping company, controlled by billionaire Idan Ofer’s Kenon Holdings Ltd., is planning to list shares by the first half of next year, the people told "Bloomberg", asking not to be identified because the plans aren’t public. “Zim has been contemplating going public and other financing options since 2007,” Maor Aharoni, a spokesman for the company, was quoted saying. “This strategy has not changed.

15 Jul 2014

Zim Line Debt Restructuring Plan to Proceed

Israel's Finance Ministry and Israel Corp have reached a compromise regarding the government's "golden share" in the country's biggest shipping company Zim, paving the way for a $3 billion debt restructuring plan to move ahead. The government last week appealed an Israeli court ruling regarding the golden share but the two sides said on Tuesday they have reached a compromise that is similar to the original court ruling. As a result, Israel Corp said in a statement, it has asked the district court to approve the restructuring arrangement it has reached with its shareholders. If the court approves, Israel Corp said it plans to carry out its part of the deal by the end of Tuesday.

07 Jul 2014

Israeli gov't appeals court ruling on Zim in feud over debt deal

Israel's Finance Ministry said on Monday it appealed a court ruling that chipped away at its golden share in the country's biggest shipping company Zim, a move that could further delay a $3 billion debt restructuring plan. An Israeli court ruled last week the government could keep its golden share, which gives it veto power over some major decisions, while raising the amount of stock shareholders are allowed to sell without government approval. Conglomerate Israel Corp, which has just under 100 percent of the equity in Zim, had said the court's decision would allow it to carry out the proposed restructuring on July 15. But the Finance Ministry said it had appealed the ruling with the country's Supreme Court, asking for an order to postpone the restructuring.

28 Mar 2014

Israel's Zim Line Falls Deeper in the Red in 2013

Image courtesy of Zim Line

Revenues of Zim, Israel Corp's shipping unit, dropped 7 percent as overall freight rates declined by 9 percent in 2013 and its loss rose from US$ 433-million in 2012 to US$535-million in 2013, according to Xinhua. Container ship operators Zim Line, which holds 2 percent of the international shipping market, is in the middle of financial restructuring. The process includes negotiations on cancelling the state's golden share, while keeping Israel's security needs and government interests. Source: Xinhua

15 Jul 2009

Zim Receives New Container Ship

According to Reuters, Israeli shipping firm Zim, a unit of holding company Israel Corp., has received the first of 12 vessels it had ordered to meet an anticipated surge in demand as the global economy recovers. Zim said the new ship, Zim Los Angeles, had a capacity of 8,400 containers, and that a second ship with a capacity of 10,000 containers, Zim Djibouti, would be delivered in two weeks. Zim said the two vessels, built by Hyundai Heavy Industries, would operate on its Pacific Northwest Service which runs from East Asia to the west coasts of Canada and the United States.

30 Oct 2007

Zim to Buy Eight Ships for $1.36B

Israel Corp. subsidiary Zim Integrated Shipping Services Ltd. said it had placed an order to purchase eight mega container ships from the South Korea’s shipyard Samsung Heavy Industries Co. Ltd. The deal, valued at $1.37b, ($170m each) comes six weeks after Zim Integrated Shipping Services Ltd. announced its plan to upgrade its container vessels fleet. The company had ordered eight TEU 12,600 mega containership for delivery by July 2012. The purchase will substantially increase the Israeli-based carrier's fleet when the vessels arrive in 2012. The order took the global shipping sector by surprise, since Zim had generally bought its containerships from rival South Korean's Hyundai Shipyards.

28 Jun 2007

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

24 May 2001

Tender Issued For Zim Israel Navigaton

Israel's Government Companies Authority issued a tender for the state's 48.6 percent stake in container shipping company Zim Israel Navigation Co. The government said it would retain a golden share in the shipping company, which is 48.9 percent owned by the holding company Israel Corp. The deadline for submitting bids is July 26. Yaron Jacobs, head of the Government Companies Authority, said he expects the process to take six to eight months. Zim operates a fleet of over 80 vessels. Speaking at a privatization seminar, Jacobs said Israel Corp is barred from participating in the tender, as are government-owned companies. But Israel Corp. holds the right of first refusal on the buyer. It also has the right to sell its stake in Zim together with the government shares.