NYSE-listed Israeli carrier ZIM Integrated Shipping Services will charter a total of up to six 5,500 TEU wide-beam newbuildings for a period of 7 years for a total rental price of approximately $600 million.

ZIM signed the charter transaction with a group of investors initiated by MPC Capital AG.

The ships will be built at the Korea-based shipyard HJ Shipbuilding & Construction (formally known as Hanjin Heavy Industries & Construction Co.), and is expected to be completed between May 2023 and February 2024, an official statement said.

“We are pleased to announce another attractive newbuilding charter transaction, securing modern and efficient tonnage vessels ideally suited to serve on our extensive network of expedited services, as well as other regional services,” said Eli Glickman, President & ; CEO, ZIM. “We continue to pursue our strategy of chartering highly versatile vessels to strengthen our commercial prospects, maintain our flexibility and strengthen our position as an innovative maritime transport provider. With a commitment to deliver superior profitability in the industry, We expect to take a prudent approach to capital allocation, while maintaining our operational flexibility and creating lasting value for shareholders."

ZIM had signed a charter agreement last month with Navios Maritime Partners L.P. to charter thirteen container ships at a cost of approximately $870 million.