ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), announced on Thursday (Oct21) that during the month of October 2021, it purchased seven secondhand vessels (built between 2007-2009) in a number of separate transactions.
The vessels purchased include five 4,250 TEU vessels and two 1,100 TEU vessels, for a total consideration of approximately $320 million.
Eli Glickman, ZIM President & CEO, stated: "Since going public our focus has been to allocate capital to strengthen our commercial prospects and create long-term shareholder value. With the opportunistic acquisition of these much-needed vessels, we have drawn on our strong cash position and our agile approach to maintain and expand our operating fleet to meet growing customer demand, while remaining committed to delivering industry superior profitability. Going forward, we will continue to complement our primary strategy of chartering-in the vast majority of our vessels, by selectively acquiring second-hand tonnage when the appropriate opportunities arise."
Source: ZIM