Israel Corp's board of directors has approved a framework deal with its major investors concerning the acquisition of eight more large container ships for its subsidiary Zim Integrated Shipping Services.
According to the deal, the investors will either buy the ships and sell them to Zim, or will own 50 percent of the ships which Zim will use for its global shipping operations. The additional eight ships will give Zim an additional 18,000 TEU of shipping capacity, putting its total fleet at 114 ships with a total capacity of 278,000 TEU.
Israel Corp a large Israeli holding company with interests mainly in energy, hi-tech and industry, owns 98 percent of Zim, which is headquartered in the port of Haifa in northern Israel.
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