- 1 December 2016
- Transport / Logistics Services
Shipping giant Maersk is to buy German shipping line Hamburg Süd. This follows indications earlier this year that Maersk would not build new ships but would likely acquire older ones.
“Today is a new milestone in Maersk Line’s history,” said Søren Skou, CEO of Maersk Line and the Maersk Group. “I am very pleased that we have reached an agreement with the Oetker Group to acquire Hamburg Süd.
“Hamburg Süd is a very well-run and highly respected company with strong brands, dedicated employees and loyal customers.
“Hamburg Süd complements Maersk Line and together we can offer our customers the best of two worlds, first of all in the North – South trades.”
Dr. Ottmar Gast, chairman of the executive board of the Hamburg Süd Group, said:
“We are proud to join the global market leader Maersk Line. While gaining access to a superior network and systems we will continue the Hamburg Süd brand and business model offering personalized solutions to our shippers and consignees. By joining forces both Maersk and Hamburg Süd will strengthen their product portfolio and cost position to the benefit of their customers.”
The deal is subject to regulatory approvals.
If the acquisition is approved, the line will have container capacity of around 3.8 million TEU (3.1 million TEU) and an 18.6 per cent (15.7 per cent) global capacity share. The transaction is expected to close by the end of next year.
Maersk is the biggest shipping container line of all, and was tipped to save the fortunes of Hanjin earlier this year. It is known to be buying other shipping rather than building its own due to the massive overcapacity of the existing global fleet.
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