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Israel's Zim receives first of new container ships

Mon Jul 13, 2009 3:27am EDT

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JERUSALEM, July 13 (Reuters) - Israeli shipping firm Zim, a unit of holding company Israel Corp (ILCO.TA), said on Monday it has received the first of 12 vessels it had ordered to meet an anticipated surge in demand as the global economy recovers.

Zim said the new ship, Zim Los Angeles, had a capacity of 8,400 containers and that a second ship with a capacity of 10,000 containers, Zim Djibouti, would be delivered in two weeks.

"The world economy is changing, particularly the shipping market, and when the economic crisis is over we have to be prepared with a suitable fleet to meet global demands," said Zim Chairman Idan Ofer.

Zim said the two vessels, built by South Korean shipmaker Hyundai Heavy Industries (009540.KS), would operate on its Pacific Northwest Service which runs from east Asia to the west coasts of Canada and the United States.

Zim has an alliance with shipping consortium Grand Alliance on the line.

Israel Corp, the country's largest holding company, owns 99 percent of Zim. (Reporting by Joseph Nasr; Editing by Greg Mahlich)



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