Zim Integrated Shipping Services has received a buyout offer from Hapag-Lloyd, but Israel's special shareholding and Arab state ownership in the German carrier make a deal unlikely, reported New York's Journal of Commerce.

Israeli newspaper Globes said Zim's board is reviewing strategic options, including a sale. Offers have come from Hapag-Lloyd and Zim's own chief executive Eli Glickman.

Employee groups at Zim oppose a deal with Hapag-Lloyd because Saudi Arabia and Qatar sovereign wealth funds hold a combined 22 per cent stake in the Hamburg-based line. The stake dates back to Hapag-Lloyd's 2016 takeover of United Arab Shipping Company.

Hapag-Lloyd declined to comment on the Globes report, saying the company does not respond to market rumours. Globes also reported that Mediterranean Shipping Co and Maersk have shown interest in Zim.

A US-based Zim executive told the Journal of Commerce that a deal with Hapag-Lloyd has "zero per cent chance" due to the Saudi and Qatari ownership. The executive said only Mr Glickman buying the company was realistic.

Zim's governance rules further complicate any sale. Israel retained a special share when the carrier was privatised in 2004, giving the government access to Zim's fleet in emergencies and requiring approval for mergers or sales.

The special share also mandates that Zim's chief executive and most directors be Israeli citizens and that the company remain incorporated in Israel, according to its latest annual report.