ports

ZIM appoints new chief executive

Israeli container carrier ZIM Integrated Shipping Services has appointed a new chief executive, marking a leadership transition at the company. The appointment follows a turbulent period for the liner, which saw first-quarter earnings plummet more than 129% year-on-year. Outgoing CEO Eli Glickman departed following the collapse of a takeover bid by Germany-based Hapag-Lloyd, which had offered $4.5 billion for the Israeli shipper. The acquisition would have combined ZIM's operations with Hapag-Lloyd's global network and transferred control of ZIM-owned subsidiary Gold Star Line. The failed deal raised concerns about potential job losses. ZIM's operational challenges have persisted amid volatile market conditions affecting container shipping rates globally.