ZIM (shipping company)
 | |
| Company type | Public |
|---|---|
| Industry | Shipping |
| Founded | 1945 |
| Headquarters | , |
Area served | Worldwide |
Key people | Rafi Danieli (CEO) Nir Gilad (Chairman) |
| Services | Container shipping, Refrigerated Cargo, Logistics |
| Revenue |  US$ 3,717 million (2010) |
| US$ 54 million (2010) | |
| Parent | Israel Corporation |
| Website | www.zim.com |
Zim Integrated Shipping Services Ltd. (Hebrew: צים), formerly ZIM Israel Navigation Company Ltd. and Zim American Israeli Shipping Inc., is the biggest cargo shipping company in Israel, and 10th largest in the world. The company's headquarters are in Haifa; it also has a North American headquarters in Norfolk, Virginia.[1]
History
ZIM was founded in 1945,[2] by the Jewish Agency and the Histadrut (General Federation of Laborers in the Land of Israel). The first ship was purchased in partnership with Harris and Dixon (based in London) in 1947. This vessel was refurbished, renamed SS Kedma, and sailed to the future state of Israel in the summer of 1947. During her first years, her main task was transporting hundreds of thousands of immigrants to the emerging state. Some of the other ships that had been used for clandestine immigration before the establishment of Israel as a state were confiscated by the British mandate authorities and later joined the company's fleet. The company continued to purchase more ships, among them SS Negba, SS Artza and SS Galila.
During the 1948 war, the company was the sole maritime connection with the state of Israel, supplying food, freight and military equipment.
In 1953, some of the money from the reparations agreement between Israel and West Germany was allocated to the purchase of new ships. The SS Bergensfjord, renamed Jerusalem, sailed the Israel-New York route,[3] Another ship purchased with reparations money was the SS Etzel.[4] The SS Dolphin IV, acquired in 1956, was renamed SS Zion.
In 1950s and 1960s, ZIM concentrated on passenger ships, alongside a constant expansion of the cargo shipping business. Passenger liners were a common means of international transport before the emergence of cheap air transport, and pleasure cruises were also popular. ZIM sailed the Mediterranean Sea, as well as having regular routes to the United States. Some of its ships cruised to the Caribbean during the winter. 1964 saw the completion of the ocean liner SS Shalom, which turned out to be a failure, marking the end of the ZIM passenger shipping era.[5]
During the 1960s, ZIM started to turn its focus to cargo ships, and obtained several special-purpose vessels, including refrigerated shipping, and oil tankers. ZIM transported crude oil from Iran to Israel, and oil byproducts from Israel to Europe.
In the 1970s, ZIM expanded into the container shipping business. ZIM ordered six such ships, and gradually made this its main line of business.
In 1981, one of the company's ships, Mezada, was lost at sea. Despite a lull in maritime shipping at the beginning of the 1980s, the company built 15 more ships in Germany in the 1990s. At this time, the ownership of ZIM was divided between the Israeli government and Israel Corporation.[6]
In August 2014, another of the company's ships, the ZIM Piraeus, was the subject of a protest by Palestinian supporters opposed to Israeli military actions in the Gaza Strip at the Port of Oakland.[7] International Longshore and Warehouse Union workers, concerned at safety aspects due to the size of the demonstration and a large police presence, would not unload the ship's cargo until the situation cooled down. Once this occurred, some four days later, the ship was unloaded and left the port.[8]
Privatization
In 2004, ZIM the Israel Corporation (which is controlled by the Ofer Brothers Group) purchased 49% of Zim's shares held by the Israeli government, becoming the sole owner of the company.[6] The new official name after privatization became Zim Integrated Shipping Services. The purchase deal for about five hundred million New Israeli Shekels was severely criticized by the press[9] and the State Comptroller of Israel[10] as being undervalued and becoming just another flag of convenience company. In 2007, Zim sold its maritime logistics and forwarding services subsidiary NewLog to UTi Worldwide.[11]
Planned flotation
In 2008, ZIM planned to launch an initial public offering and selling 25% of its shares on the Hong Kong Stock Exchange, but due to the onset of the global economic crisis it was called off.[12] In 2009, ZIM required a cash injunction of $450 million by the Ofer family and debt restructuring following the world's container shipping downturn.[13]
In 2010, ZIM regained profitability and in early 2011 ZIM renewed its plans for a flotation on the Hong Kong Stock Exchange, but again had to postpone it due to the economic downturn and the drop in container shipping rates.[14]
In July 2014, by which time the company was almost wholly owned by Israel Corporation, ZIM was restructured with 68% of the group's shares owned by its creditors and bondholders, and 32% retained by Israel Corporation.[7]
Operational statistics
ZIM's operational statistics for 2010:[15]
- TEU's Carried - over 2.2 million
- Total TEU Capacity (owned and chartered ships) - ~363,000 TEUs
- Fleet - About 100 vessels, 29 fully or partly owned
- Containers - over 600,000 TEUs of various types
- Regional headquarters: Haifa (Israel), Norfolk, Virginia (USA), Hamburg (Germany), Hong Kong
- Ports of Call: 180 throughout the world
See also
References
- ^ "Company Watch: A Look at Zim Shipping". Virginia Israel Advisory Board. 13 February 2002. Archived from the original on 7 May 2012.
- ^ "Company Overview of Zim Integrated Shipping Services Ltd". Businessweek. Retrieved 11 March 2013.
- ^ "Bergensfjord (1) (NAL: 1913-46)". Simplon Postcards - The Passenger Ship Website. Archived from the original on 13 November 2013. Retrieved 31 December 2009.
- ^ Children at Heart, Jerusalem Post Magazine Template:Wayback
- ^ Micke Asklander. "T/S Shalom (1964)". Fakta om Fartyg (in Swedish). Archived from the original on 1 May 2011. Retrieved 16 February 2008.
- ^ a b "Israel Corp. to acquire state's Zim stake for $115m". Globes. 13 January 2004.
- ^ a b "Demonstration on U.S. dock prevents workers from unloading Israeli ship". San Francisco Star. 19 August 2014. Retrieved 19 August 2014.
{{cite news}}: Italic or bold markup not allowed in:|publisher=(help) Cite error: The named reference "ZimBlockade" was defined multiple times with different content (see the help page). - ^ "ILWU distances union from Gaza protest at Oakland". Big News Network.com. 20 August 2014. Retrieved 20 August 2014.
{{cite news}}: Italic or bold markup not allowed in:|publisher=(help) - ^ Secrets of shakshuka, Haaretz
- ^ "דוח שנתי 55ב לשנת 2004 ולחשבונות שנת הכספים 2003 - הליך מכירתן של מניות צים שבידי המדינה [Annual Report for 2004 and fiscal year 2003 - Sale of ZIM shares held by the State]". mevaker.gov.il. 2013. Archived from the original on 25 February 2012. Retrieved 19 March 2013. Template:He icon
- ^ Tal, Levy (10.07.2006). "Zim's Newlog unit in merger talks with UTi and Transclal". Haaretz. Archived from the original on 22 January 2014.
{{cite news}}: Check date values in:|date=(help) - ^ Wright, Robert (17 June 2008). "Israel Corp calls off Zim shipping flotation". Financial Times.
- ^ Wright, Robert (24 November 2011). "Zim and MISC signal deepening container ship crisis". Financial Times.
- ^ Rochvarger, Michael (27 June 2011). "Ofers' Zim navigates around obstacles on way to Hong Kong Stock Exchange IPO". Haaretz.
- ^ ZIM Integrated Shipping: Facts & Figures Template:Wayback