Israel’s Zim Integrated Shipping Services has completed the sale of its 8% stake in a joint venture that plans to build and operate 18 rail freight terminals in China.
The sale price was about US$29 million. No reason was given for the sale.
Zim sold out from the joint venture established by China Railway Container Transport, a state-owned company under the control of the Ministry of Railways, with some shares held by France’s CMA CGM, German rail operator Deutsche Bahn and Israel’s Zim.
China Railway Container Transport is the biggest stakeholder with a 34% equity interest in the joint venture. CMA CGM, Deutsche Bahn and Zim Logistics each had an 8% share.
Israeli trade portal Port2Port reported that Zim posted a net profit of US$37 million in the third quarter on increased cargo volume, higher freight rates and lower costs.