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ZIM Charters More LNG-Powered Newbuild Containerships

Mike Schuler
Total Views: 1848
January 18, 2022

Israeli containership operator ZIM Integrated Shipping Services (NYSE: ZIM) has announced new eight-year charter agreements for three 7,000 TEU containerships powered by liquified natural gas.

The vessels will be chartered from companies affiliated with Kenon Holdings, which is constructing the ships at South Korea’s Hyundai Samho Heavy Industries. Deliveries of the vessels are scheduled for the first and second quarters of 2024.

ZIM said the vessels will be chartered for a total consideration of $400 million and will be operated across the company’s global-niche trades.

The announcement is the latest from ZIM related to its chartering of LNG-powered containerships. Last year, ZIM secured long-term charters for fifteen newbuild 7,000 TEU dual-fuel LNG containerships with Seaspan Corporation for a total consideration of $2.25 billion, with deliveries to starting in fourth quarter of 2023. Earlier in the year, it secured long-term charters with Seaspan for ten 15,000 TEU newbuild containerships, which will also be powered by LNG and deployed on ZIM’s Asia-U.S. East Coast trade.

“We are pleased to enter into another charter agreement to secure high quality tonnage, with a focus on adding extremely versatile vessels that could serve us on multiple trades,” said Eli Glickman, ZIM’s President & CEO. “As we work to secure our core operating fleet to meet growing market demand, we remain committed to maintaining significant fleet flexibility to execute our proven global-niche strategy and best serve our customers. Importantly, adding “green” LNG-fueled capacity further strengthens ZIM’s position at the forefront of reducing carbon intensity among the global liners and will enable us to assist our customers in reducing their carbon footprint.”

“This transaction further demonstrates our prudent capital allocation strategy, supporting our efforts to strengthen our commercial prospects, deliver industry-leading profitability, and create enduring value for shareholders,” said Glickman.

ZIM, which made its long-awaited initial public offering on the New York Stock Exchange back in January 2021, has benefitted from strong consumer demand that has contributed to port congestion and soaring container freight rates dating back to Summer 2020. The company has an “asset light” business strategy, operating a fleet of over 100 containerships that are nearly all chartered-in.

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