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

Dec 1, 2016

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.”

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.

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