World News
Brazil Gives Okay on Hapag-Lloyd, CSAV Merger
Brazilian regulators have given their approval for the merger between Germany's Hapag-Lloyd and Chile's Compañía Sudamericana de Vapores (CSAV), reports Joc.
The deal was first announced in April earlier this year and will make the combined companies the fourth largest container line in the world, behind Maersk Line, Mediterranean Shipping Company and CMA CGM.
Hapag-Lloyd CEO Rolf Habben Jansen had previously said mid-October that it had received roughly half the approvals needed, and that the merger was expected to be completed by the second half of November.
In addition to Brazil, approvals have already been given by U.S., European and Chilean regulators.
In particular, the regulatory nod from the European Union has meant that CSAV will quit vessel-sharing agreements (VSA) on its northern Europe to the Caribbean and South America's west coast routes.
Hapag-Lloyd said that approvals of a few jurisdictions are still pending.
The newly merged company will have a fleet of roughly 200 vessels, an annual transport volume of 7.5 million TEU, and an annual turnover of €9 billion ($12.4 billion).
It is also expected to create annual savings of at least $300 million, according to CSAV CEO Oscar Hasbún at the time the merger was announced.
Hasbún also previously said that the company's order books complemented one another, coming together to create a young and cost-efficient fleet."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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