Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg.
With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg.
“This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd. “We now not only have a very strong market position in Latin America and the Atlantic, but also in the Middle East, where we will become one of the leading carriers. Our priority now is a smooth and fast integration of UASC and Hapag-Lloyd.” https://www.marinelink.co...
The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016.
A statement from the company said that the present outlook for the business 2017 will be omitted following the merger of Hapag-Lloyd and UASC which is expected to be completed at the end of May 2017.
With the publication of the next financial report,Hapag-Lloyd plans to issue an outlook for the business 2017 of the combined group which will include the business activities of UASC as well as the UASC financial statements for 2016.
The planned merger should generate annual synergies of USD 435 million from 2019 onwards, thanks in particular to the optimisation of joint networks and administrative functions.
Following the closing the timely integration of the UASC business activities and the realisation of the related synergies will have top priority. One-off expenses of approximately USD 150 million are likely to arise from the transaction and implementation of the merger.
The merger of Hapag-Lloyd and UASC was not completed at the time of the preparation of the Q1 2017 interim financial report. Although the current earnings forecasts do not include revenue and earnings effects or changes in value following the planned consolidation of UASC, the material factors arising from the planned merger with UASC will be discussed below.
Hapag-Lloyd released indicative pro-forma figures for UASC when the corporate bonds were issued at the start of 2017. www.maritimeprofe...
Commission approves acquisition of Hamburg Süd by Maersk Line, subject to conditions
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of container liner shipping company Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG) of Germany by Maersk Line A/S of Denmark, subject to conditions.
Both Maersk Line and HSDG are active worldwide in container liner shipping. The clearance is conditional upon the withdrawal of HSDG from five consortia on trade routes connecting (i) Northern Europe and Central America/Caribbean, (ii) Northern Europe and West Coast South America, (iii) Northern Europe and Middle East, (iv) the Mediterranean and West Coast South America and (v) the Mediterranean and East Coast South America. On these routes, the merged entity would have faced insufficient competition after the transaction.
Commissioner Margrethe Vestager, in charge of competition policy, said: ‘Competitive shipping services are essential for European companies and for the EU’s economy as a whole. The commitments offered by Maersk Line and HSDG will maintain a healthy level of competition to the benefit of the very many EU companies that depend on these container shipping services.’ www.hellenicshipp...
Maersk Line and Dr. August Oetker KG sign the sale and purchase agreement on the sale of Hamburg Süd
On December 1, 2016 Dr. August Oetker KG announced that it will after 80 years divest from its shipping interests and that intends to sell the ownership of Hamburg Süd and all its affiliates including the main business assets (vessels and containers) to Maersk Line A/S, Copenhagen, Denmark. Now, the parties have signed a Sale and Purchase Agreement which in the coming weeks will be reviewed and authorized by the respective Supervisory Boards and Shareholder Assemblies between end of April / mid May. Subject to the approval by the competent regulatory bodies the Closing may take place at the end of this year.
CMA CGM says it has no immediate plans to order new ships, delays trio of delivereries
Announcing its full year results on Friday, France’s CMA CGM has said it has no immediate plans to order any
new ships. The world’s third largest containerline, which registered a $452m loss for last year, said it did not
anticipate any new ship orders on a short-term basis in order “to maintain the still delicate balance between
supply and demand”.
Maersk Line, the world’s largest liner, has made similar announcements on recent months. CMA CGM also revealed it has postponed to 2018 the delivery of three vessels originally planned for this year. While registering a massive annual loss, senior management at the Marseille-headquartered firm will have been buoyed by the final quarter of 2016 it managed to register a $45m profit. Source Splash 24/7
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Hamburg shipping companies Ahrenkiel Steamship and Vogemann merge their activities
The Hamburg shipping companies Ahrenkiel Steamship GmbH & Co. KG ("Ahrenkiel Steamship") and H. Vogemann Reederei GmbH & Co. KG ("Vogemann") are merging their activities involving the technical management of bulk carriers, the company said in its press release. The joint venture set up for this purpose, with the name of Ahrenkiel Vogemann Bulk GmbH & Co. KG ("AVB"), starts out managing a fleet of 14 bulk carriers with a total freight capacity of around 1 million tdw including three vessels of Hamburg-based KG Reederei Roth GmbH & Co. ("Reederei Roth"). The fleet's focus is currently on the Supramax and Panamax segments, but there are plans to branch out into other size categories. For example, two new Handysize vessels are expected to go into service at Reederei Roth in the first quarter of 2017 and will likewise be managed by AVB.
Maersk Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Süd, the German container shipping line. The acquisition is subject to final agreement and regulatory approvals, the company said in its press release.
Hamburg Süd is the world’s seventh largest container shipping line and a leader in the North – South trades. The company operates 130 container vessels with a container capacity of 625,000 TEU (twenty-foot equivalent). It has 5,960 employees in more than 250 offices across the world and market its services through the Hamburg Süd, CCNI (based in Chile) and Aliança (based in Brazil) brands. In 2015, Hamburg Süd had a turnover of USD 6,726 million of which USD 6,261 million stems from its container line activities.
“Today is a new milestone in Maersk Line’s history. 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,” says Søren Skou, CEO of Maersk Line and the Maersk Group.
“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,” says Dr. Ottmar Gast, Chairman of the Executive Board of the Hamburg Süd Group.
“Giving up our engagement in shipping after an 80 year-long ownership in Hamburg Süd was not an easy decision for my family. We are very confident, though, to have chosen the best of all possible partners. Maersk will preserve and grow Hamburg Süd and what the brand and the whole organization and a highly dedicated workforce stand for: reliable and high quality logistical services to our customers,” says Dr. August Oetker, Chairman of the Advisory Board of Dr. August Oetker KG, the management holding company of the Oetker Group.
On 22 September 2016, Maersk Line announced that it would grow market share organically and through acquisitions.
Hapag-Lloyd achieves net profit in third quarter Net profit of EUR 8.2 million in Q3, 2016, which is a great operating result after nine months, considering the current state of the industry.
Hapag Lloyd’s transport volume was up 1.3% with an average freight rate decrease of 17.7%; transport expenses also fell by 14.2%.
Hapag-Lloyd closed the third quarter with a net profit of US$8.8 million; they state that their main focus going forward is on further cost optimization, start of THE Alliance and completion of transaction with UASC.
Hapag-Lloyd was able to generate a positive operating result of approximately $30 million in the first nine months of 2016.
Rolf Habben-Jansen, CEO of Hapag-Lloyd, said: “The market has been very difficult so far this year, but in that environment, Hapag-Lloyd has performed relatively well, which underlines our competitiveness, and we are pleased to report a net profit in the third quarter. https://www.porttechnolog...
World’s biggest shipbuilder to split into four companies
South Korea’s Hyundai Heavy Industries, the world’s largest shipbuilder, is being split, with its non-shipbuilding businesses being spun off to improve management efficiency and competitiveness, the shipbuilder said.
South Korean shipbuilders have been selling non-core assets and slashing jobs to cope with shrinking orders from the oil industry that forced the firms into heavy losses last year. South Korea is home to the world’s three largest shipbuilders – Hyundai Heavy, Daewoo Shipbuilding & Marine and Samsung Heavy Industries.
Under the plan, Hyundai Heavy, which is also home to the biggest shipyard on earth, will be divided into four companies. It will retain core businesses, including shipbuilding, offshore and industrial plant, while three other firms will focus on electro electric systems, construction equipment and robot business, the company said.
Existing Hyundai Heavy stakeholders will be get around 0.75 shares of the company and shares in each of the three other entities.
The spin-off is part of its restructuring plan submitted to creditors.
The three newly created companies will seek listings on the stock market. The company expects the separation to be completed on April 1, 2017. www.hellenicshipp...