Israeli container shipping company ZIM Integrated Shipping Services Ltd. said that during the month of October it purchased seven secondhand containerships amid continued high demand and vessel shortages.

The vessels, purchased in a number of separate transactions, were built between 2007-2009 and include five 4,250 TEU vessels and two 1,100 TEU vessels, for a total consideration of approximately $320 million, ZIM said.

Eli Glickman, ZIM President & CEO, said, “Since going public our focus has been to allocate capital to strengthen our commercial prospects and create long-term shareholder value.

“With the opportunistic acquisition of these much-needed vessels, we have drawn on our strong cash position and our agile approach to maintain and expand our operating fleet to meet growing customer demand, while remaining committed to delivering industry superior profitability. Going forward, we will continue to complement our primary strategy of chartering-in the vast majority of our vessels, by selectively acquiring second-hand tonnage when the appropriate opportunities arise.”

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