HAIFA,
Israel, June 21, 2023 /CNW/ -- ZIM Integrated
Shipping Services Ltd (NYSE: ZIM) announced today the
expansion of its partnership with cross-border trade financing
platform 40Seas, integrating the 40Seas' flexible digital
financing solution via ZIM's website as well
as Ship4wd's, ZIM's award-winning digital freight forwarding
subsidiary.
The expanded collaboration demonstrates ZIM's commitment to
transforming traditional shipping practices into the digital era
and enhancing customers' choices by providing them with a seamless
digital experience to allow them faster and cheaper access to
capital to meet their credit needs. This new service will be rolled
out gradually starting in the US, Canada, UK, France, Germany, Italy, Belgium, Netherlands, and Australia, with additional countries added
over time.
With 40Seas' flexible digital financing solution integrated into
ZIM and Ship4wd, customers will be able to defer payment for
freight charges for a maximum period of 90 days from the invoice
date, as well as leverage 40Seas credit line to finance cargo,
subject to meeting eligibility requirements.
Against a backdrop of macroeconomic volatility and rising
capital costs, SMEs engaged in global commerce are struggling to
protect cash flow and drive profits. ZIM and 40Seas aim to support
SME importers and exporters to bridge this financial gap. By
pioneering the 'Ship Now, Pay Later' concept, 40Seas enables
exporters to get paid immediately upon shipment, while providing
importers with deferred payment options allowing them to boost
business growth during the sale cycle without tying up available
lines of credit.
ZIM participated in 40Seas' $11
million seed funding round earlier this year and
also provided 40Seas with a credit facility of up to $100 million for expanding its business to
exporters and importers.
Eli Glickman, ZIM President
& CEO, said: "We are pleased to expand our
partnership with 40Seas, which continues to underscore our
commitment to providing the most customer-centric service
experience, with an embedded solution that will transform the way
our global clients access financing, while developing additional
streams of revenue that complement our core shipping business. ZIM
and 40Seas are firmly aligned on championing digital innovation in
the shipping industry, and together, we look forward to pushing
boundaries and eradicating financing-related impediments to global
commerce."
Eyal Moldovan, 40Seas
Co-founder and CEO, said: "We're delighted to expand our
partnership with ZIM, a market leader that has supported our
mission since day one. By combining forces on a trade finance
platform like 40Seas, a major carrier like ZIM, and a dynamic
digital freight forwarder like Ship4wd, we can make serious headway
in the transformation of the global logistics landscape.
Additionally, ZIM's extensive cross-border trade expertise, strong
market position and close ties with ecosystem players, will be
invaluable as we accelerate our global expansion."
ZIM's Forward-Looking Statements
This press
release includes forward-looking statements, as this term is
defined in Section 27E of the US Securities Act of 1933, as
amended, Section 21E of the US Securities Exchange Act of 1934, as
amended, and the safe harbor provisions of the of the US Private
Securities Litigation Reform Act of 1995. Words such as "will,"
"believe," "anticipate," "expect," "intend," "strive," "seek,"
"plan," "could," "may," "foresee," "target," "objective," "goal,"
declensions thereof and similar expressions typically convey
forward-looking statements, but these words are not the only words
that convey these statements. We have based these forward-looking
statements on our current knowledge and our present beliefs and
expectations regarding possible future events. These
forward-looking statements are subject to risks, uncertainties and
assumptions, including potential, business, credit, operational and
other risks relating to the expansion of the collaboration between
ZIM and 40Seas as described in this press release. Actual results
and events may defer from these forward-looking statements,
including materially.
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading
global container liner shipping company with established operations
in more than 90 countries serving approximately 34,000 customers in
over 300 ports worldwide. ZIM leverages digital strategies and a
commitment to ESG values to provide customers innovative seaborne
transportation and logistics services and exceptional customer
experience. ZIM's differentiated global-niche strategy, based on
agile fleet management and deployment, covers major trade routes
with a focus on select markets where the company holds competitive
advantages. Additional information about ZIM is available
at www.ZIM.com.
About 40Seas
40Seas is a fintech platform for
cross-border trade financing that is tailored to SMEs engaged in
global commerce. By leveraging data-driven technology, the company
can offer flexible payment options that are primed to disrupt
legacy trade-financing solutions, and make it faster, cheaper and
easier for supply chain players - importers, exporters, freight
forwarders and sourcing agencies - to access working capital.
Visit www.40seas.com to learn more.
ZIM contacts
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
shats.avner@zim.com
Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
40Seas contacts
Nicole Lombardo
Caliber Corporate Advisers
+1-631-357-9593
nicole@calibercorporate.com
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SOURCE Zim Integrated Shipping Services Ltd.
