ITLN
Shipping

ZIM launches new Indian subcontinent-East Mediterranean service

NYSE-listed ZIM Integrated Shipping Services will launch ZIM Indian Subcontinent-East Mediterranean Service (ZMI) - a new and improved service connecting the Indian subcontinent and the East Mediterranean.

ZIM launches new Indian subcontinent-East Mediterranean service
X

November 23, 2021: NYSE-listed ZIM Integrated Shipping Services will launch ZIM Indian Subcontinent-East Mediterranean Service (ZMI) - a new and improved service connecting the Indian subcontinent and the East Mediterranean.

ZMI will deploy 4 X 4,250 TEU vessels on the new line on the following route: Mundra - Nhava Sheva - Colombo - Haifa - Mersin - Istanbul - Mundra. ZMI is due to commence operations in January 2022, replacing the current ZIE and ZII services, an official release said.

ZMI will be operated exclusively by ZIM, offering customers a wide range of advantages including best-in-market transit time, dedicated special and project cargo services, fast and synchronised connections to ZIM’s extensive regional networks in the Mediterranean and Asia as well as a connection to destinations in North Europe, West Europe, Black Sea, Indian Subcontinent, Sri Lanka and Bangladesh, the statement added.

“We continue to expand the scope of our services and use our agility to provide new and improved solutions that will benefit our customers for the long run while strengthening our position in this important trade,” ZIM president & CEO Eli Glickman said.

Rani Ben Yehuda, ZIM EVP Cross Suez and Atlantic Trade added: “ZMI, exclusively operated by ZIM, exemplifies our adaptive, responsive approach to customer needs and provides many significant advantages to our customers, who will enjoy a whole new level of service.”

Israeli carrier ZIM, a global, asset-light container liner shipping company, had reported its highest-ever net income of $1.46 billion for the third quarter ended September 30, 2021, on higher freight rates and volumes.

ZIM has increased the 2021 guidance to between $6.2 billion-$6.4 billion of adjusted EBITDA and between $5.4 billion-$5.6 billion of adjusted EBIT.

During the third quarter of 2021 and subsequent to quarter end, ZIM purchased eight second-hand vessels (built between 2007-2010) in a number of separate transactions. The vessels purchased include five 4,250 TEU vessels, one 2,553 TEU vessel and two 1,100 TEU vessels for a total consideration of approximately $355 million.

Next Story
Share it