Israeli billionaire Idan Ofer is cashing out of ZIM after 25 years.
Ofer’s Kenon Holdings has announced it will sell 14.8m shares in the Israeli carrier for $360m, having sold another 5m shares in July this year. Ofer will be left with 5m shares which are in a collar transaction due to expire in July 2026.
ZIM’s share price has risen by 260% in the past year. Last week, ZIM, the world’s ninth largest carrier, reported Q3 earnings significantly above expectations. Adjusted EBITDA came in at $1.53bn, the liner buoyed by the ongoing Red Sea shipping crisis which has seen container shipping as a whole enjoy its best Q3 in history bar the covid era earlier this decade.
