ZIM and Seaspan Sign over $1 Bn Chartering Agreement for LNG-Fueled Vessels

In a major strategic agreement, ZIM Integrated Shipping Services Ltd (ZIM) and Seaspan Corporation have announced signing of the long-term charter of ten 15,000 Twenty-foot-Equivalent Unit (TEU) liquified natural gas (LNG) dual-fuel container vessels.

February 15, 2021. By News Bureau

In a major strategic agreement, ZIM Integrated Shipping Services Ltd (ZIM) and Seaspan Corporation have announced signing of the long-term charter of ten 15,000 Twenty-foot-Equivalent Unit (TEU) liquified natural gas (LNG) dual-fuel container vessels.

Speaking on the partnership, Eli Glickman, ZIM President & CEO, stated, “this is a milestone agreement for ZIM, valued in excess of one billion dollars, that enables us to achieve two important strategic objectives. First, these top of the line advanced vessels will allow us to meet growing market demand on the Asia - US East Coast trade and provide top-level, reliable service to our customers on this important trade lane.”

“Second, in line with our core sustainability values, investing in LNG-fueled "green" vessels demonstrates our continued commitment and leadership in addressing environmental issues related to our industry, meeting customer demand to reduce CO2 emissions, helping to preserve clean air and reducing our carbon footprint. We are delighted to partner with industry leaders such as Seaspan and Samsung Heavy Industries on this transaction,” he further added.

Under the agreement, ten 15,000 TEU vessels will be supplied by Seaspan to ZIM in order to meet the growing market demand in the Asia - US East Coast trade.

However, the delivery of these vessels is expected between February 2023 and January 2024.

“We are very pleased to partner with ZIM to facilitate our customer’s industry-leading environmental initiative. This transaction signifies both ZIM’s and Seaspan’s commitment to ESG principles, carbon reduction, and resolve to contribute to a greener business community in the future,” said Bing Chen, Chairman, President, and CEO of Seaspan.

ZIM is one of the oldest shipping liners, with more than 75 years of experience, providing customers with innovative seaborne transportation and logistics services.

As per ‘The Port Import/Export Reporting Service (PIERS)’ a digital global trade intelligence report provider, ZIM has been a leading player in this growing trade with an estimated market share of 9 per cent.

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