Monster maritime deal: Maersk acquires huge German shipping company - The Post

Monster maritime deal: Maersk acquires huge German shipping company

Danish giant’s assets to swell following addition of world’s seventh-largest container shipping company

Pending approval, Maersk’s fleet will rise by over 600 ships (photo: Maersk)
December 1st, 2016 1:41 pm| by Christian W

The oil and shipping giant Maersk has consolidated its position as the world’s top container shipping company by acquiring Hamburg Süd, the world’s seventh-largest container shipping company.

The deal is pending the approval of the competition authorities – a process that Maersk Line expects will be completed by the end of 2017.

“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,” said Søren Skou, the CEO of Maersk Line and Maersk Group.

“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.”

READ MORE: Maersk and DONG eyeing oil merger

Surpassing 3 million TEU
Hamburg Süd has been under considerable duress thanks to a container shipping market that has endured low rates for some time now.

The company, which employs almost 6,000 and runs 130 container ships with a total capacity of about 625,000 TEU (twenty foot equivalent units), had a turnover of 47 billion kroner in 2015.

Top 10 container shipping companies (as of May 2016):

1. Maersk – TEU capacity of 2,996,188 (585 ships)

2. Mediterranean Shipping Company – TEU = 2,678,779 (496 ships)

3. CMA CGM – TEU = 2,354,3582 (546 ships)

4. Cosco – TEU = 1,554,862 (296 ships)

5. Evergreen Marine – TEU = 931,860 (200 ships)

6. Hapag-Lloyd – TEU = 930,398 (174 ships)

7. Hamburg Süd – TEU = 645,889 (136 ships)

8. OOCL – TEU = 561,522 (104 ships)

9. MOL – TEU = 554,425 (98 ships)

10. Yang Ming Marine Transport Corporation – TEU = 538,912 (102 ships)