ZIM announces charter agreements for 10 LNG dual-fuel vessels

 ZIM Integrated Shipping Services (ZIM) announced new agreements for the long-term charter of ten 11,500 TEU liquefied natural gas (LNG) dual-fuel container vessels with total charter hire consideration of approximately $2.3 billion.

"Seven of the vessels will be chartered to ZIM by Containers Ventures Holdings, an affiliate of the TMS Group, and three will be chartered to ZIM by a shipping company that is affiliated with Kenon Holdings, which was ZIM's largest shareholder until the end of 2024. The vessels will be constructed at Zhoushan Changhong Shipyard in China, with delivery expected between 2027 and 2028," says an official release.

Eli Glickman, President & CEO, ZIM says: "After having received all 46 newbuilds we contracted in 2021 and 2022, which significantly improved the efficiency of our operated capacity, we are pleased to further advance our fleet strategy by securing long-term charters for these 11,500 TEU newbuild LNG dual-fuel containerships. These agreements ensure access to an important vessel segment and further strengthen our core LNG fleet, which is a critical commercial differentiator. Importantly, this versatile capacity is ideally suited for ZIM's various global trades, enhancing our commercial agility and growth potential.

"Expanding our LNG fleet supports ZIM's decarbonisation objectives and solidifies our position as an industry leader in carbon intensity reduction. Operating LNG capacity has proved commercially advantageous for ZIM, and we anticipate increased demand for environmentally friendly shipping options, making access to LNG capacity even more beneficial in the future.

"The addition of these ten LNG dual-fuel vessels will help keep our modernised fleet competitive and support profitable growth over the long term, benefiting our shareholders."