Benzinga | Sep 1, 2021 09:24AM EDT

ZIM Exercises Option To Charter Additional Five 7,000 TEU LNG-Fueled Vessels

* ZIM Integrated Shipping Services Ltd (NYSE:ZIM) exercised its option to long-term charter an additional five 7,000 TEU liquefied natural gas (LNG) dual-fuel container vessels from Seaspan Corporation, a wholly-owned subsidiary of Atlas Corp (NYSE:ATCO).

* The value of this option for ZIM is over $750 million.

* ZIM already entered into long-term charter agreements for ten 7,000 TEU LNG vessels that are due to be delivered starting from Q4 of 2023 and into 2024.

* The vessels to be chartered after the option exercise total 15.

* "With this option exercise, we are securing ZIM's core fleet needed to serve our operations and meet our customers' growing needs while continuing to maintain our operational agility," commented Eli Glickman, ZIM President & CEO.

* Price Action: ZIM shares trading higher by 0.43% at $48.51 during the pre-market session on Wednesday.