Does the recession scare Ofer or not?

Business practice can look distinctly fishy on occasions. While Zim Integrated Shipping Services, the firm co-owned by Israeli billionaire Sammy Ofer, is postponing a purchase of new ships, another shipping company owned by Mr Ofer is apparently taking advantage of the recession to buy new ships at low prices. The reports say that through this second firm, Mr Ofer recently bought 13 cargo ships: 10 container ships, two regular cargo ships and a refrigerated ship. Sounds cool.

Last updated: 10:23am, July 2 2009