Zim charters 10 LNG container vessels
Korean-based Samsung Heavy Industries has been commissioned by Seaspan to build these vessels.
Zim Integrated Shipping Services Ltd. (NYSE: ZIM) has signed a strategic agreement with Atlas Corp. unit Seaspan Corporation for the long-term charter of ten 15,000 TEU liquefied natural gas (LNG) dual-fuel container vessels. The vessels will serve Zim s Asia - US East Coast trade.
Zim president and CEO Eli Glickman said, This is a milestone agreement for Zim, valued in excess of one billion dollars, which enables us to achieve two important strategic objectives. First, these top of the line advanced vessels will allow us to meet growing market demand on the Asia - US East Coast trade and provide top-level, reliable service to our customers on this important trade lane. Second, in line with our core sustainability values, investing in LNG-fueled green vessels demonstrates our continued commitment and leadership in addressing environmental issues r
Zim plunge means underwriters may not exercise options
Zim raised $218 million in the offering, with the underwriters having options to buy shares worth $33 million, over the 30 days from the IPO at a share price of $15.
Zim Integrated Shipping Services Ltd. (NYSE: ZIM) saw its share price fall 23% on its first day of trading last Thursday, recovering 4.8% on Friday to end the week at $12.05 and a company valuation of $1.416 billion, nearly 20% below its IPO valuation of $1.5 billion.
Zim had planned an IPO with a share price of $16-$19 but settled for an IPO below that range at $15.
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Zim CEO Eli Glickman told Globes after the IPO that the offering had gone ahead despite last minute difficulties - a negative trading day on Wall Street, and the fall in share prices of European shipping companies over the past few weeks. Glickman said that Zim had held the first IPO of a shipping company since 2015.
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Israeli Shipping Co. Seeks Emergency Order To Depose Crew
Law360 (January 20, 2021, 7:46 PM EST) An Israeli cargo shipper is seeking emergency permission to interview the crew of a container ship that toppled 76 containers overboard earlier this month, saying it needs the information to defend itself in inevitable litigation and only has a limited time frame in which to catch the crew.
Zim Integrated Shipping Services Ltd., which rented out space on the M/V E.R. Tianping to cargo owners seeking to transport their goods, told a Washington federal court in an emergency ex parte application Tuesday that it must depose the crew members while the ship is docked in Seattle next week or risk losing.