While Zim Integrated Shipping Services Ltd., controlled by Ofer Brothers Israel Corp. (TASE:ILCO), is postponing delivery of new ships, Sami Ofer is taking advantage of the depression in the market to buy new ships at low prices.
A private shipping company owned by Sami Ofer recently acquired 13 cargo ships, of which 10 are container ships, according to reports in the international press. The other three ships are two regular cargo ships and a refrigerated ship.
The ships were sold to the Ofer family by a large Norwegian bank, which had impounded them from an American shipping company, that was requesting bankruptcy proceedings. The price paid for the vessels has not been disclosed, but industry sources estimate that the entire deal was worth only $150-200 million.
In addition to Zim, the Ofer family also owns Zodiac Maritime Agencies, one of the largest shipping agencies in the world. Headquartered in London, the company owns a fleet of 62 container ships, including five large ships due for delivery in 2011.
A spokesman for the Ofer family said, "We do not comment on the private business dealings of the family."
Published by Globes [online], Israel business news - www.globes-online.com - on June 25, 2009
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