On July 19, the shipping giant Maersk has joined hands with Israel to improve trade between Asia and the United States.
Boost Pacific services
The agreement was confirmed by Israel’s Zim Integrated Shipping Services. They confirmed their cooperation with Maersk Line and Mediterranean Shipping Co (MSC) on the Asia-U.S. East Coast trade, providing a boost to Zim’s Pacific services.
Zim Pacific services operates about 80 container vessels, is 32 percent owned by Kenon Holdings.
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.
Comprehensive product portfolio
The company issued a statement, “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. 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.
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Source: Reuters
