Israeli shipping service ZIM has exercised its option to enter a long-term charter with containership management company Seaspan for an additional five 7,000 twenty-foot equivalent (TEU) liquefied natural gas (LNG) dual-fuel container vessels.

Commenting on the agreement, Eli Glickman, President & CEO, ZIM, said, “With this option exercise, we are securing ZIM’s core fleet needed to serve our operations and meet our customers’ growing needs, while continuing to maintain our operation agility.”

Adding that ZIM continues to prepare itself for the cleaner future of the shipping industry, he also said that the transaction demonstrates the company’s commitment to reducing its carbon footprint.

The new agreement is pursuant to a previously announced transaction by ZIM and Seaspan in July of this year which saw ZIM enter long-term charter agreements for ten 7,000 TEU LNG vessels due to be delivered from the fourth quarter of 2023 and into 2024.

The value of both charter agreements for 15 vessels is reportedly in excess of $750m.