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Zim Lines Invests $120 Million to Bring Fleet Up to Par with Modern Maritime Practices

Israel’s Zim Lines has invested $120 million to bring its fleet in line with the most modern maritime practices. The company, which marked its 25th anniversary last month (it was founded three years before the state), announced that it has ordered 15 new bulk carriers and roll-on-roll-off cargo ships in various European yards which will enter service between the end of 1970 and 1974. The orders are the first of a ten year building program that will add 33 ships of a million deadweight tons to the Zim fleet. Also on order in Swedish yards are two super-tankers. Zim presently owns 70 cargo vessels and tankers of 1.1 million deadweight tons. It plans to replace conventional cargo vessels built in the late 1950s and ’60s with roll-on-roll-off and container ships. The company, which was badly in the red in 1966, has apparently overcome its financial difficulties.