After closure of Eilat port, ZIM Shipping Services faces bankruptcy

QUDS, Feb. 18 (YPA) – The Hebrew economic newspaper Calcalist has reported a new economic setback for Israeli occupation following the closure of the Al-Rashrash port, known as Eilat, after Yemeni operations in support of Gaza over the past two years prevented ships from reaching the port through the Red Sea.

In its initial response to the reported acquisition of ZIM Integrated Shipping Services by Hapag-Lloyd and the FIMI Opportunity Funds, the occupation’s Shipping and Ports Authority warned that the move could pose a strategic risk to the country.

The authority’s director, Zadok Ridker, cautioned that Israel could lose its maritime independence if ZIM were to collapse, warning of serious consequences for the national shipping sector should the deal proceed. He added that a projected downturn in the global shipping industry could threaten ZIM’s stability, raising concerns about liquidity shortages, payment freezes, and even potential bankruptcy within a relatively short period.

The report added that Yemeni operations in support of Gaza have had economic repercussions, including the official closure of the port after two years of missile strikes and a naval blockade.

It also noted significant financial losses at Ben Gurion Airport and among Israeli airlines, amounting to hundreds of millions of dollars.

AA