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Media reports from Israel report mounting opposition to the approval of the sale of Zim to Hapag-Lloyd. Calcalist, which was the first to report that Hapag had been selected to buy Zim, now reports that key Israeli ministries are warning of the dangers of approving the sale.
Under the terms of the agreement, Hapag would take over the majority of Zim's current operations and fleet. An Israeli investment firm, Ishay Davidi's FIMI, would launch a new Zim Israel that would operate a small, regional carrier to meet the requirements of the Golden Share held by the government. Davidi asserts it would be a strong regional carrier able to meet the obligations to Israel and would have relationships with Hapag to maintain global access.
Calcalist reports it has seen an opinion submitted by the Ministry of Economy's Foreign Trade Administration that, however, questions the new company and its abilities. It writes that the report calls the proposed structure, "a direct risk to maritime traffic, Israel's economic and strategic interests."
It highlights that the plan calls for Zim Israel to retain just 12 owned ships, a requirement of the Golden Share, with four additional chartered ships to maintain the regional routes. Zim currently has a fleet, it says, of 99 ships. Under the Golden Share, Zim must also be headed by an Israeli, and it gives the government the right to refuse a change in control of the company.
Calcalist says that the ministry's written opinion concludes that the transaction "empties the state's golden share of its content and endangers the national interests it was designed to protect." It questions the structure of the new company, saying it "lacks a profitable asset base that would allow it to survive economically beyond a few years." Calcalist writes that the Ministry concluded it could create a crippled company unable to stand independently.
The Ministry also reportedly cites the investments in Hapag by the sovereign wealth funds of Qatar and Saudi Arabia, countries it notes that do not have diplomatic relations with Israel. It warns that the sovereign funds are not merely passive investors and that the countries use infrastructure and economic holdings to create geopolitical leverage.
Zim is a key part of the Israeli economy and participant in both imports and exports. It controls approximately a quarter (22 percent) of the container shipping market in Israel.
Calcalist reports the Ministry of Agriculture has also voiced opposition, saying the transaction could threaten Israel's food security. It notes the critical role of imports of goods, including wheat and fertilizers. It says 85 percent of Israel's calorie consumption is imported. Zim reportedly controls roughly one-third of maritime food shipping activity.
Two weeks ago, there were reports that the Shipping and Ports Authority also voiced its formal opposition to the transaction. They reportedly called the proposed Zim Israel a "dependent and weakened entity," saying it would endanger Israel's national interest in shipping and supply chains.
Calcalist reports the Ministry of Transport is also expected to adopt a similar opinion. The concern is that Israel would lose maritime independence.
The shareholders of Zim have approved the takeover, and management of Zim has begun to resign anticipating the completion of the transaction. However, completion of the deal remains dependent on government and regulatory approval.
Fuente: Maritime Executive
