Idan Ofer is saying goodbye to ZIM.
The Israeli shipping company’s top stakeholder Ofer’s Kenon Holdings, with 62% of the capital through Ansonia Holdings Singapore, announced, last Friday, its intention to sell all the shares held by Kenon, amounting to 16.5% of ZIM’s capital.
On 20th November, ZIM’s share price hit a new 52-week high, as a result of the liner’s excellent financial results in Q3, which closed with a $1.1 billion profit.
The Red Sea crisis has been the main profit generator for ZIM and other container lines. The longer routes around the Cape of Good Hope have continued to boost shipping rates and profits a year after the Houthi attacks began.
Ironically, the Houthi rebels, who have been directly targeting Israeli shipping interests, have increased Ofer’s fortune by allowing him to sell his Zim shares for much more than he could have if the Red Sea route had remained open.
Translation by Giles Foster
