In the midst of the ongoing conflict in the south, shipping company Zim has announced that it will prioritize its ships and infrastructure to benefit the country. According to CEO Eli Glickman, Zim is unique in guaranteeing that its ships will reach Israel during times of war, even when other companies avoid it due to various reasons.
The Federation of Manufacturers and Union of Chambers of Commerce have sent a letter to Minister of Transportation Miri Regev accusing Zim of not waiving war levies like other international shipping companies. However, Glickman explains that the war risk premium was imposed on Zim by insurance companies and that the company collects it without any profit. He emphasizes that Zim remains focused on long-term success and has cash balances of around $3.1 billion.
Zim’s ship fleet renewal program includes 46 new ships designed to improve its cost structure, making it a leader in modern shipping with a diverse fleet. Despite this, third quarter revenues decreased by 62%, with a net loss amounting to 2.27 billion dollars.