|HAMBURG: Denmark-based shipping giant Maersk Line signed a sale and purchase agreement related to the acquisition of German carrier Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd) on March 14.
The agreement is subject to board approvals, which are expected during the second quarter of 2017, Maersk Line said.
A.P. Møller – Mærsk A/S, the parent company of Maersk Line, expects to communicate further details following the board approvals. The company expects to close the transaction by the end of 2017.
The latest move comes on the back of an agreement reached between the Danish container carrier and the Oetker Group at the start of December 2016.
The parties did not reveal any financial details on the deal.
With the acquisition of Hamburg Süd, Maersk Line will grow its global capacity share to approximately 18.6% (now 15.7%), its nominal capacity to around 3.8 million TEU (now 3.1 million TEU) while decreasing the average age of the combined fleet of more than 700 vessels to 8.7 years compared to Maersk Line’s present vessel age of 9.2 years.