Idan Ofer cashes out of ZIM

Israeli billionaire Idan Ofer is cashing out of ZIM after 25 years.

Ofer’s Kenon Holdings has announced it will sell 14.8m shares in the Israeli carrier for $360m, having sold another 5m shares in July this year. Ofer will be left with 5m shares which are in a collar transaction due to expire in July 2026. 

ZIM’s share price has risen by 260% in the past year. Last week, ZIM, the world’s ninth largest carrier, reported Q3 earnings significantly above expectations. Adjusted EBITDA came in at $1.53bn, the liner buoyed by the ongoing Red Sea shipping crisis which has seen container shipping as a whole enjoy its best Q3 in history bar the covid era earlier this decade.