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Zim aims for big league with 10,000-TEU ships

Zim aims for big league with 10,000-TEU ships

   Israel’s Zim Integrated Shipping Services will spend $1 billion on four 10,000-TEU ships and four 8,200-TEU vessels from Korea’s Hyundai Heavy Industries.

   The new ships, due for delivery in the second half of 2009, are much larger than Zim’s current largest ships in operation which have a capacity of about 5,000 TEUs.

   Zim’s parent company Israel Corp. said the ships will be financed by the company’s existing capital, although it will also consider the option of selling the ships and leasing them back.

   “The acquisition of the new ships is a significant step which will help Zim to prepare for future developments in world shipping,” the Haifa-based carrier said in a statement.

   Zim is the world’s 15th-largest ocean carrier with a fleet capacity of about 220,000 TEUs. Its five-year strategic plan aims to double its fleet capacity.

   “These new-generation ships will join Zim’s fleet in the coming years and will enable Zim to upgrade services, decrease transit times to various destinations and expand the company’s deployment of shipping lines between Asia, America and Europe,” Zim said.

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