Executives at Israeli carrier Zim Integrated Shipping Services have declined to comment on reports of a possible sale to Ray Shipping, insisting the company does not respond to market speculation.
Despite the silence, Zim’s share price on the New York Stock Exchange jumped sharply on Monday, 11 August, to $17.84 from Friday’s close of $15.94, with trading volumes soaring to 23.4 million shares compared to 3.3 million the previous session. Trading eased on Tuesday with 8.6 million shares changing hands, the stock inching up to $17.91.
The surge follows a report by Israeli business daily Calcalist, cited by Alphaliner, claiming that Zim CEO Eli Glickman and Ray Shipping chairman Abraham (Rami) Ungar are in talks to take Zim private in a cash-and-stock deal valued at about $2.4 billion. The deal would reportedly offer $20 per share — nearly a 30% premium over Friday’s close — and would see Zim merged with Ray Shipping’s diversified fleet business, possibly with Greek investors involved.
The report suggests Israeli regulatory approval and agreement from 95% of shareholders would be required for the transaction. Bank of America analysts estimate the bid implies an enterprise value of $5 billion, representing a 2025 EV/EBITDA of 2.4x and a price-to-book ratio of 0.6x.
Zim’s stock had peaked at $30.15 in November 2024 before sliding to $11.03 in April this year. The possible sale is expected to be a major talking point when Zim releases its Q2 2025 results on 20 August. Analysts forecast adjusted EBIT for the full year at $350–950 million, with $463 million already booked in Q1. While Q2 results are expected to decline, strong first-quarter performance could prompt an upward revision of full-year guidance.
Some market analysts remain sceptical. One noted that the deal seemed “illogical” when rumours first surfaced in March, citing a weak market outlook and falling freight rates.