Hapag-Lloyd holds 7.4% of the global container shipping market, ranking fifth worldwide in terms of offered hold capacity in TEU; Zim, on the other hand, ranks ninth, with a market share of 2.5%. Globes has learned that even the ‘top two in the class,’ namely MSC (which has a 20.2% market share in terms of capacity), and Maersk (14.3%), have expressed interest in acquiring the Israeli company, whose market capitalization is currently $2.4 billion.
The interest in this operation arose after Eli Glickman, CEO of Zim since 2017, presented an offer to purchase the company together with shipping magnate Rami Ungar, and Zim’s board of directors decided to evaluate other possibilities. The opportunity arises following the sale of its stake in Zim by the former controlling shareholder Kenon Holdings, which is in turn controlled by Idan Ofer.
Zim’s workers’ committee has expressed strong opposition to the move by Hapag-Lloyd, among whose main shareholders are Qatar Holding LLC (12.3%), a division of the Qatar Investment Authority, and the Saudi sovereign wealth fund PIF (10.2%).
“The acquisition of ZIM by Hapag-Lloyd, controlled by Qatar and Saudi Arabia, represents a direct danger to the country’s security,” Zim’s workers’ committee chairman, Oren Ksafim, told Globes. “During the ‘Iron Swords’ counteroffensive, when Maersk, MSC, and all foreign shipping companies abandoned Israel, only Zim continued to bring food, medicine, and ammunition, saving the country.”
The workers further add: “98% of Israeli trade occurs by sea. If Zim ends up in the hands of Qatar and Saudi Arabia, in the next war we will be isolated by sea. We do not have an open land border. The sea is our vital artery. The State holds a golden share that allows it to block the deal. We ask the Minister of Transport and the government to invoke it immediately and prevent the sale. This is not just another financial deal; it is about determining whether we will have supplies during the next war.”
