ZIM has announced the development of its partnership with cross-border trade finance platform 40Seas, incorporating the flexible digital financing solution from 40Seas via its website.
This new service will be rolled out gradually starting in the US, Canada, UK, France, Germany, Italy, Belgium, Netherlands, and Australia, with additional countries added over time, according to ZIM’s recent statement.
With 40Seas’ digital financing solution integrated into ZIM and Ship4wd, customers will be able to defer payment for freight charges for a maximum period of 90 days from the invoice date.
Additionally, users will be able to leverage 40Seas credit line to finance cargo, subject to meeting eligibility requirements.
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Against a backdrop of macroeconomic volatility and rising capital costs, SMEs engaged in global commerce are struggling to protect cash flow and drive profits.
ZIM and 40Seas aim to support SME importers and exporters to bridge this financial gap.
According to 40Seas, it enables exporters to get paid immediately upon shipment and provides importers with deferred payment options, allowing them to boost business growth during the sale cycle without tying up available lines of credit.
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Eli Glickman, ZIM President and CEO, said: “We are pleased to expand our partnership with 40Seas, which continues to underscore our commitment to providing the most customer-centric service experience.
“ZIM and 40Seas are firmly aligned on championing digital innovation in the shipping industry, and together, we look forward to pushing boundaries and eradicating financing-related impediments to global commerce.”
Eyal Moldovan, 40Seas Co-founder and CEO, added: “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.”
In May of this year, ZIM Integrated Shipping Services Ltd released its financial results for the first quarter of 2023, posting revenues of $1.4 billion.
