Israel Corporation shareholders have approved a capital injection of $450m for ZIM Integrated Shipping Services.

The shareholders have also approved a $100m safety net, taking the combined total to over half a billion dollars.

ZIM chief executive officer Rafi Danieli said the cash boost would be used to help finance the acquisition of new vessels.

“With these arrangements in place, ZIM is now fully prepared to trade its way out of the global economic downturn and back to profitability and growth” Danieli said in a statement.

ZIM offers nearly 60 services to ports throughout the US, Europe, Canada, Central and South America, Africa and Asia.