Israel Corp approved a 12-year framework agreement

In This agreement Zim will sign a “buy and lease back” contract with Ofer Shipping for two ships. Zim's fleet currently comprises of 106 container ships
 
The board of Israel Corp. announced last week that it had approved a 12-year framework agreement through 2018 between its subsidiary Zim Integrated Shipping Services Ltd. and companies owned by its parent company Ofer Brothers, Ofer (Shipping Holdings) Ltd. and Ofer Shipping Ltd. and their subsidiaries.
 
According to the approved framework agreement, Zim Integrated Shipping Services Ltd. will sign a buy and lease back contract with Ofer Shipping for two ships, or alternatively, will transfer its rights and obligations to the ships to Ofer Shipping in a back-to-back deal.
 
Israel Corp. statement also noted that Zim's fleet currently comprises of 106 container ships with an aggregate container capacity of 259,000 TEU (twenty-foot equivalent units). The framework agreement will increase Zim's fleet to 114 container ships with an aggregate container capacity of 278,000 TEU.