ZIM Integrated Shipping Services Ltd. (ZIM), announced that during the month of October 2021, it purchased seven secondhand vessels (built between 2007-2009) in a number of separate transactions.

In a statement, it said the vessels purchased include five 4,250 TEU vessels and two 1,100 TEU vessels, for a total consideration of approximately US$320 million.

“Since going public our focus has been to allocate capital to strengthen our commercial prospects and create long-term shareholder value.  With the opportunistic acquisition of these much-needed vessels, we have drawn on our strong cash position and our agile approach to maintain and expand our operating fleet to meet growing customer demand, while remaining committed to delivering industry superior profitability,” said Eli Glickman, ZIM President & CEO.

“Going forward, we will continue to complement our primary strategy of chartering-in the vast majority of our vessels, by selectively acquiring second-hand tonnage when the appropriate opportunities arise.”