"The 'New ZIM' is not a detriment to the national interest, but a strategic and unprecedented upgrade"
Dr. Yigal Maor, former Director of the Shipping and Ports Authority, has published an expert opinion supporting the establishment of the "New ZIM". He argues that the deal represents a strategic upgrade rather than a threat to national interests.
Dr. Yigal Maor, former Director of the Shipping and Ports Authority, published today (Monday) a professional and comprehensive expert opinion supporting the establishment of the "New ZIM". In the opinion, Maor states:
"The 'New ZIM' is not a detriment to the national interest, quite the contrary. It is a strategic and unprecedented upgrade."
He further writes that the opposition to the deal "relies on a populist narrative, a lacking analysis of the components of national and international maritime trade, and an ignoring of the fact that most of the 'old ZIM' fleet is currently under foreign and fragmented ownership." Maor, whose opinion was commissioned by the FIMI fund, writes that a significant portion of the public criticism of the deal is based on perceptions that do not reflect the ownership and activity structure of ZIM today.
While most of ZIM's shares are already held by foreign investors through trading on the New York Stock Exchange, the "New ZIM" will be under full Israeli ownership, controlled by the FIMI fund, which, according to him, "has a proven reputation in the national/patriotic aspect that is beyond any doubt," and will operate out of full commitment to the needs of the state, national security, and the continuity of maritime trade.
In the economic aspect, Maor notes that the new company is expected to begin its operations with a modern fleet of ships, without debt, and will benefit from commercial agreements with Hapag Lloyd that will provide it with stability in its first years of operation, even during a period of volatility in the global shipping industry. Maor also addresses claims that the deal reduces ZIM's fleet of ships, and explains that most of the ships operated today are not owned by the company but are chartered.
According to him, the "New ZIM" will strengthen the national interest through six key pillars:
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Full Israeli ownership that will prevent foreign influence
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Focusing the fleet's activity on "home lines" and near Israeli ports
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A significant increase in the number of positions for Israeli naval officers
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A strategic partnership in training the future generation of seafarers
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A modern fleet without debts backed by commercial agreements
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Continued full commitment to the "golden share" and its updating according to the needs of the state
Among other things, Dr. Maor writes: "The fleet owned by the 'New ZIM' on the home lines is fully subject to Israeli emergency and mobilization laws. There is also no need to elaborate on the FIMI fund's commitment to the 'golden share' clauses and their continuity in the 'New ZIM' bylaws. The 'golden share' clauses, which were formulated decades ago during the privatization of the government-owned ZIM company, need refreshing and updating to suit the needs of the State of Israel today."
Maor's words stand in contrast to the words of Tzadok Redker, the current Director of the Shipping and Ports Authority, who warned in a position paper of the Authority against fateful consequences for the State of Israel's shipping industry in the event that the ZIM deal is executed.
