Monster maritime deal: Maersk acquires huge German shipping company
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.