July 19, 2018 / 12:14 PM / 3 months ago

Israel's Zim to cooperate with Maersk, MSC on Asia-U.S. trade

TEL AVIV, July 19 (Reuters) - Israel's Zim Integrated Shipping Services said on Thursday it will cooperate with Maersk Line and Mediterranean Shipping Co (MSC) on the Asia-U.S. East Coast trade, providing a boost to Zim's Pacific services.

Starting in September the companies will operate together five loops between Asia and the U.S. East Coast. Zim will operate one loop and the other four will be operated by Maersk and MSC, which are the members of the 2M Alliance.

"The new cooperation offers Zim's customers a more comprehensive product portfolio, with a wider range of direct calls in Asia and the U.S. and faster transit time," the company said in a statement. "In addition, it is expected to generate cost efficiencies for Zim."

The term of the strategic cooperation, which is subject to regulatory approval, is seven years. The parties expect to disclose more information about network changes and schedules on the trade as soon as possible.

Zim, which operates about 80 container vessels, is 32 percent owned by Kenon Holdings.

Reporting by Tova Cohen Editing by Steven Scheer

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