• 2017 April 28 11:36

    Maersk Line and Hamburg Süd sale and purchase agreement approved

    Maersk Line and Hamburg Süd sale and purchase agreement approved by boards of Maersk Line and Oetker Group, the company said in its press release.

    On 1 December 2016, Maersk Line announced its intention to acquire Hamburg Süd, the German container shipping line, and on 14 March 2017, Maersk Line announced the signing of a sale and purchase agreement with the Oetker Group, owner of Hamburg Süd.

    Today, the sale and purchase agreement for Maersk Line’s acquisition of Hamburg Süd was approved by the boards of Maersk Line and the Oetker Group. The acquisition still remains subject to regulatory approvals.

    Maersk Line will acquire Hamburg Süd for EUR 3.7 billion on a cash and debt-free basis. Maersk Line will finance the acquisition through a syndicated loan facility.

    “Today, we have taken a decisive step towards the shared future of Maersk Line and Hamburg Süd. Our due diligence confirmed that Hamburg Süd is a well-run company with strong and highly respected brands. We have confirmed the anticipated synergies and we are convinced that our plan to maximize customer retention is the right path forward. I have no doubt that together we can develop new competitive products to the benefit of our customers and exploit operational synergies. The acquisition is cementing our position as the largest and leading carrier in container shipping, and it will provide great opportunities for the employees of both companies,” says Søren Skou, CEO of Maersk Line and A.P. Moller – Maersk.

    The acquisition is in line with the Maersk Line’s growth strategy. It represents a unique opportunity to combine two complementary businesses and realise sizable operational synergies as well as commercial opportunities. Combined, the two companies will be able to realise operational synergies in the region of USD 350-400 million annually over the first couple of years following completion of the transaction.

    Hamburg Süd will maintain its own structure hereunder its separate brands and is expected to deliver a high customer retention adding to Maersk Line’s growth agenda.

    The combined network will include increased number of weekly sailings, faster transit times, more port calls, more direct port-to-port calls and less need for transhipment, to the benefits of both Maersk Line and Hamburg Süd customers.

    The cost synergies will primarily be derived from integrating and optimizing the networks as well as standardized procurement. In addition, APM Terminals’ global portfolio will benefit from increased volumes, specifically the many investments made in the Latin America Region.

    “We consider the purchase price of EUR 3.7 billion a fair valuation of Hamburg Süd. By keeping Hamburg Süd as a separate and well-run company, we will limit the transaction and integration risks and costs while still extracting the operational synergies. The acquisition of Hamburg Süd will therefore create substantial value to Maersk Line already in 2019,” says Søren Skou.

    To continue and strengthen the future growth of Hamburg Süd, Maersk Line emphasizes its plans to preserve the customer value proposition of Hamburg Süd. It also commits to maintain the presence of Hamburg Süd in Hamburg, Germany, and has agreed to lease the local head office, initially for a period of five years.

    “Hamburg Süd has a strong brand and an attractive customer value proposition. We believe these elements are key for our acquisition to become a success. Therefore, Hamburg Süd will remain under own management and with full brand responsibility,” says Søren Skou.

    “We see the acquisition of Hamburg Süd by Maersk Line as a natural development and we are convinced that Hamburg Süd will thrive under continued own management and maintain not only the services offered to its customers, but also provide its employees a fantastic opportunity to continue shaping the future of the industry as a leading service provider,” says Dr. Ottmar Gast, Chairman of the Hamburg Süd Executive Board.

    With the acquisition, Maersk Line and Hamburg Süd will have a total container capacity of around 3.9 million TEU (3.3 million TEU) and an 18.7% (16.0%) global capacity share (Alphaliner per 24 April 2017). The combined fleet will consist of 743 container vessels.

    The process of obtaining regulatory approvals is on schedule. On 23 March 2017, the US Department of Justice approved the proposed acquisition and on 10 April 2017, the EU Commission approved the proposed acquisition, subject to conditions.

    Maersk Line expects to close the transaction by the end of 2017. Until then, Hamburg Süd and Maersk Line will continue business as usual as separate and independent companies.

    About Maersk Line
    Maersk Line is the world’s largest container shipping company, known for reliable, flexible and eco-efficient services. Maersk Line provides ocean transportation in all parts of the world. Maersk Line serves its customers through 317 offices in 112 countries. Maersk Line markets its services through the Maersk Line, Safmarine, SeaLand (Intra-Americas), MCC Transport (Intra-Asia) and Seago Line (Intra-Europe) brands. Maersk Line is part of the Maersk Group, headquartered in Copenhagen, Denmark. The Group employs over 88,000 people in some 130 countries. 2016 revenue: USD 35.4 billion.




2017 July 26

09:37 Baltic Dry Index up to 980 points
09:18 Rosmorport appoints Yegor Shelukhin as Deputy Director for Security of Arkhangelsk Branch (photo)

2017 July 25

18:00 Krasnoye Sormovo delivers two chemical tankers of Project RST27 to shipping company Volgotrans (photo)
17:05 Western Marine delivers 176 TEU inland container vessel to Invicta Limited
16:33 Cruise ship Pacific Princess made her inaugural call to Passenger Port of Saint Petersburg
16:05 Wagenborg to repair Oostersluisbrug Groningen
15:44 Kaliningrad seaport boundaries changed
15:39 W&T Offshore contracts the Enterprise Offshore 264 jackup rig to drill the ST 224 gas condensate prospect
15:16 COSCO (Guangdong) Shipyard announces delivery of vessel
15:12 Ferryboat Petersburg returns to Ust-Luga – Baltijsk line (photo)
14:48 Commercial Sea Port of Taganrog invested RUB 114.9 mln in port infrastructure development in HI’17
14:27 380-tonne cargo unit handled by Multipurpose Terminal YUG-2 at the port of Ust-Luga (photo)
14:00 AquaStroy to invest RUB 493 mln in construction of yacht port Aquamarine in Vladivostok
13:59 VOS Start W2W vessel departs Damen Shiprepair Oranjewerf
13:33 Vostochny Port completed modernization of its water treatment facilities (photo)
12:58 Lotus Shipyard to launch cruise ship of Project PV300VD in April 2018 (photo)
12:05 Hyundai Merchant Marine increases Asia-US West Coast volume by 77% YoY, ranks 4th in market share in June 2017
11:46 LNG developer NextDecade finalizes business combination with Harmony
11:30 DP World establishes new logistics arm in Australia
11:04 Almost 1 000 MLC-inspections carried out in Norway in 2016
10:57 Bunker prices are flat at the Far East ports of Russia (graph)
10:42 MES establishes after-sales service company for container handling cranes in Malaysia
10:19 Coal exports via Rosterminalugol terminal hit 13 mln t milestone this year
10:04 DP World reports 10.7% gross volume growth in second quarter of 2017
09:54 Brent Crude futures price up 0.49% to $48.84, Light Sweet Crude – up 0.54% to $46.59
09:36 Port of Gdansk announces record high transshipment results
09:15 Baltic Dry Index is flat at 977 points

2017 July 24

18:27 ABP South Wales celebrates 30 year partnership with WNO
18:02 Marine Recruiting Agency starts cooperation with Saint-Petersburg Employment Centre
17:38 Freeport of Riga Authority announces winners of Innovation Competition for students “The Port for the City”
17:16 Nakilat concludes half year 2017 with net profit of QR 409 million
17:09 MOL Group Ship Management Company acquires latest international certification for Environment and Energy Management Systems
16:50 CMA CGM announces GRR - From Red Sea ports to West Africa
16:35 CMA CGM announces new FAK Rates - From Asia to North Europe
16:11 Maersk Line and JF Hillebrand partner for sustainable growth by signing the Carbon Pact
15:48 CMAL held a keel-laying ceremony for new Kerrera ferry
15:24 88-tonne fuel tank delivered for Scotland’s first LNG ferry
14:57 IMO Council is meeting for its 118th session
14:32 Passenger Port of St. Petersburg welcomed 16 cruise ships last week
14:10 Multipurpose Terminal YUG-2 (Ust-Luga port) begins transshipment of pipes for Turkish Stream (photo)
13:46 Nobel Brothers Shipyard LLC repaired floating crane ПК-226 of Project Р12М(К27Р) (photo)
13:25 Rosneft bunkered four dredging ships of Jan De Nul at the port of Murmansk (photo)
12:58 Average wholesale prices for М-100 HFO up to RUB 9,740 in RF spot market
12:31 Cargo handling at the port of Kiel in HI’17 up 20 % to record 3.7 million tons (photo)
12:07 Identifying and dealing with potential threats to port security operations was at the core of workshop in Belize
11:43 Russian innovative project submitted to IMO
11:20 Höegh LNG secures financing for eighth FSRU
10:56 EBRD signed loan agreement with NIBULON totaling USD 90 million
10:34 NIBULON launched seventh non-self-propelled B2000 Project vessel
10:11 Brent Crude futures price up 0.42% to $48.26, Light Sweet Crude – up 0.26% to $45.89
09:52 Ships of Chinese Navy arrived in Baltiysk to participate in joint exercise
09:33 Throughput of Chinese ports up 7.3% to 4.3 bln t in HI'17
09:15 Baltic Dry Index up to 977 points

2017 July 23

15:28 Philly Shipyard signs LOI with Jones Act operator to build four new boxships for Hawaii trade
14:24 Turkish company Alternative Transport secures EBRD loan to purchase new Ro-Ro vessel
13:48 Hapag-Lloyd revises multistop charges
11:26 First ship with IMO Tier III EIAPP certified Wärtsilä engines is launched

2017 July 22

15:46 Gazprom Neft to utilise capacity at the St Petersburg Polytech supercomputer
14:22 French shipyard holds naming ceremony for new French icebreaker L’Astrolabe
11:58 Carnival Cruise Line unveils newly renovated cruise ship-themed exhibit at Miami Children’s Museum