Maersk Line says it will acquire Hamburg Süd.
Maersk Line today announced that it has reached an agreement with Oetker Group for Maersk Line's acquisition of Hamburg Süd.
"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," said Dr. August Oetker, Chairman of the Advisory Board of Dr. August Oetker KG, the management holding company of the Oetker Group.
"Maersk will preserve and grow Hamburg Süd and what the brand and the whole organisation and a highly dedicated workforce stand for: reliable and high quality logistical services to our customers."
The deal is expected to be completed early in the second quarter of 2017, following final agreement and regulatory approvals, says Maersk Line.
As Ship & Bunker reported earlier this week, the deal is expected to fortify the Maersk Line's market presence, particularly in Latin American.
Søren Skou, CEO, Maersk Line and the Maersk Group
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
"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," said Søren Skou, CEO of Maersk Line and the Maersk Group.
"Our combined network will provide exciting opportunities to develop new products and exploit operational synergies. Hamburg Süd and Maersk Line customers will benefit from more choice and better products."
Earlier this month, Adrian Tolson, Senior Partner at 20|20 Marine Energy, warned that consolidations within the container shipping market, such as this one, are setting the tone for a tough 2017 in the bunker markets.