Shantel
Key Takeaways:
- ZIM Integrated Shipping Services Ltd (NYSE: ZIM) announces an expanded partnership with cross-border trade financing platform 40Seas, integrating their flexible digital financing solution into ZIM’s website and Ship4wd, the digital freight forwarding subsidiary.
- The collaboration aims to transform traditional shipping practices into the digital era, providing customers with seamless access to capital for their credit needs, accelerating ZIM’s commitment to delivering a customer-centric service experience.
- The flexible digital financing solution will be gradually rolled out in the US, Canada, UK, France, Germany, Italy, Belgium, Netherlands, and Australia, with additional countries added in the future.
Introduction
ZIM Integrated Shipping Services Ltd, a leading global container liner shipping company, has announced the expansion of its partnership with 40Seas, a cross-border trade financing platform. The collaboration includes the integration of 40Seas’ flexible digital financing solution into ZIM’s website and Ship4wd, ZIM’s award-winning digital freight forwarding subsidiary. By offering seamless access to capital, ZIM aims to transform traditional shipping practices into the digital era, enhancing the choices and experience for its customers.
Empowering Customers with Digital Financing Solutions
ZIM’s expanded collaboration with 40Seas highlights the company’s commitment to meet customers’ evolving needs in the digital age. By integrating 40Seas’ flexible digital financing solution, ZIM enables customers to defer payment for freight charges for up to 90 days from the invoice date. Additionally, eligible customers can leverage 40Seas’ credit line to finance cargo, providing them with the necessary flexibility and capital to support their business growth.
Amid macroeconomic volatility and increasing capital costs, small and medium-sized enterprises (SMEs) engaged in global commerce face challenges in managing cash flow and driving profits. ZIM and 40Seas aim to bridge this financial gap for SME importers and exporters. Through their innovative “Ship Now, Pay Later” concept, 40Seas empowers exporters to receive immediate payment upon shipment while granting importers deferred payment options. This approach enables importers to foster business growth during the sales cycle without tying up available lines of credit.
Unlocking Global Commerce with Seamless Financing
ZIM previously participated in 40Seas’ $11 million seed funding round and provided the platform with a credit facility of up to $100 million to support its expansion among exporters and importers. This expanded partnership demonstrates ZIM’s dedication to championing digital innovation in the shipping industry and complementing its core shipping business with additional revenue streams.
Eli Glickman, ZIM President & CEO, expressed his satisfaction with the expanded partnership, stating, “We are pleased to expand our partnership with 40Seas, which continues to underscore our commitment to providing the most customer-centric service experience, with an embedded solution that will transform the way our global clients access financing, while developing additional streams of revenue that complement our core shipping business.”
Eyal Moldovan, 40Seas Co-founder and CEO, emphasized the significance of the collaboration, saying, “We’re delighted to expand our partnership with ZIM, a market leader that has supported our mission since day one. By combining forces on a trade finance platform like 40Seas, a major carrier like ZIM, and a dynamic digital freight forwarder like Ship4wd, we can make serious headway in the transformation of the global logistics landscape.”
Conclusion
ZIM’s partnership expansion with 40Seas and the integration of their flexible digital financing solution marks an important milestone in the digital transformation of shipping practices. By incorporating seamless access to capital and empowering customers with financing options, ZIM aims to enhance the customer experience and drive digital innovation within the industry. ZIM’s extensive cross-border trade expertise and strong market position, combined with 40Seas’ disruptive digital financing platform, are set to redefine the global logistics landscape. For more information about ZIM, visit their website at www.ZIM.com, and to learn more about 40Seas, visit www.40seas.com.
