New Expert Opinion Challenges Opposition to $3.7 Billion Sale of Israeli Shipping Company Zim

A new expert opinion by Dr. Yigal Maor, a former senior captain at Zim and ex-director of the Israeli Shipping Authority, supports the private equity fund FIMI's planned $3.7 billion acquisition of Israeli shipping company Zim. Maor argues that opposition to the deal and the creation of a "new Zim" is based on a populist narrative and a flawed analysis that ignores the fact that most of the current Zim shares are foreign-owned.

FIMI intends to purchase Zim Israel as part of a major sale to the German shipping giant Hapag-Lloyd, which is about 23% owned by investors from Qatar and Saudi Arabia. This has raised concerns, especially after Volkswagen was forced to withdraw from a deal with Rafael Advanced Defense Systems due to opposition from Qatar’s sovereign wealth fund, which holds 17% of Volkswagen shares and objected because of the Israeli connection. Since approximately 90% of Israel’s imports arrive by sea, fears about losing the country’s maritime supply chain are significant.

The Israeli Ministry of Defense, Agriculture, Economy, the Shipping Authority, and Zim’s workers’ committee have all expressed opposition to the sale. The Companies Authority, which holds a golden share giving it decisive power, has yet to issue a ruling. Retired Major General Giora Eiland previously advised against the sale, citing concerns about Israel’s ability to handle emergencies and future wars. The government has not yet taken a final position.

Maor counters that most of Zim’s shares are already foreign-owned under a board influenced by foreign interests, and the company has long lost its practical connection to Israel’s emergency needs. He describes the "new Zim" as a strategic upgrade, with full Israeli ownership of ships and operations under FIMI, a focus on Israeli maritime routes in the Mediterranean and Atlantic, doubling the number of Israeli sea officers, partnership in maritime education in Acre, a modern, debt-free fleet supported by commercial agreements with Hapag-Lloyd, and full compliance with Israeli emergency and conscription laws.

He also notes that the golden share provisions, drafted decades ago during Zim’s privatization, require updating to reflect current Israeli needs. FIMI is willing to accept mutual updates to these provisions and their annexes to meet the state’s requirements.