ZIM Charters Thirteen Containerships from Navios Maritime Partners

Isreali shipping line ZIM (NYSE: ZIM) has announced new charters with Navios Maritime Partners (NYSE: NMM) for thirteen containerships for periods between 4.5 and 5.3 years.

The thirteen vessels comprise of five secondhand ships and eight newbuilds. The five secondhand vessels, which will be deployed across ZIM’s global network, range from 3,500-4,360 TEUs and are expected to be delivered in the first and second quarters of 2022. The eight newbuilds, which will be 5,300 TEU and “wide beam,” are scheduled to be delivered during the third quarter of 2023 through the fourth quarter of 2024, are expected to be deployed in trades between Asia and Africa.

The charter duration of the secondhand vessels is up to 4.5 years, while the charter duration of the newbuild vessels is up to 5.3 years.

ZIM said the charters will total approximately $870 million.

“With this latest chartering transaction, we continue to execute on our strategy of chartering-in highly versatile vessels to best serve our customers and meet significant and sustained demand across our global network,” said Eli Glickman, ZIM President & CEO. “This transaction enhances our position as a global-niche operator, contributing immediate much needed tonnage in required sizes, as well as securing additional high-quality and cost-effective capacity to meet growing demand in the future. Looking ahead, we expect to continue to capitalize on opportunities to further strengthen our commercial prospects and support our operational agility, while maintaining our prudent capital allocation strategy to maximize shareholder value.”

ZIM operates an “asset light” fleet of 110 containerships, of which 105 are chartered-in and only five are owned.

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