ZIM Integrated Shipping Services, the Israeli shipping line, has appointed 57-year-old Rafi Danieli as president and CEO as the container carrier faces a credit crunch and a recession with a bloated order book for mega ships.

Citing differing views between himself and the Israel Corp parent company, Zim CEO Doron Goder announced his resignation. Mr Goder said they had disagreed on how to cope with the current financial crisis.

Mr Danieli, a 31-year veteran at Zim, has served as CFO for 12 years and deputy CEO for three, reported Newark's Journal of Commerce. Zim is now seeking better terms from Korean shipyards, hoping to stop or delay orders for ships valued at US$1.4 billion, including nine 12,500-TEUers. Zim is also is to talk to banks about loans and debt schedules.