A.P. Møller Holding A/S to acquire Maersk Tankers A/S [Shipping Line]
A.P. Møller - Mærsk A/S [A.P. Moller - Maersk] has today signed an agreement to sell Maersk Tankers A/S [Maersk Tankers] to APMH Invest A/S, a subsidiary of A.P. Moller Holding A/S [A.P. Moller Holding] for USD 1,171 mill. in an all-cash transaction.
The transaction entails a market upside provision regulating total payment should the product tanker market significantly improve with a rebound in vessel values before the end of 2019. The proceeds from the transaction will be used to reduce debt.
Maersk Tankers has been a part of A.P. Moller - Maersk since 1928 and is one of the largest product tanker companies in the world, transporting refined oil products globally and employing 3,100 people. The fleet consists of 161 product tanker vessels, whereof Maersk Tankers owns 80, across four segments; Intermediate, Handy, Medium Range and Long Range 2. The company will continue trading as “Maersk Tankers”, using the A.P. Moller - Maersk seven-pointed star-logo as part of its brand.
“Maersk Tankers has served A.P. Moller - Maersk well for almost a century, building an industry leading position within the product tanker market. As former CEO of Maersk Tankers for more than 10 years, I recognise the importance of having an owner with a long-term market view in this industry, and this is why I am pleased that Maersk Tankers can continue to build on its strong name and position under A.P. Moller Holding,” says Søren Skou, CEO of A.P. Moller - Maersk and continues:
“Having determined the future ownership of Maersk Tankers, we have taken yet an important step in our strategy to free up resources and focus future growth in A.P. Moller - Maersk on container shipping, ports and logistics.”
The sale of Maersk Tankers is the second transaction as part of the strategy to separate the oil and oil related activities from A.P. Moller - Maersk. In doing so, finding structural solutions constituting the most optimal development opportunities for the capabilities and assets built in the individual energy companies.
“In determining the best future ownership for Maersk Tankers, it has been imperative for us to assure a financially solid owner with industry insight and a long-term view on the inherent cyclical nature of the tanker industry. This will secure that Maersk Tankers can continue to take advantage of market opportunities, as well as uphold the capabilities and the organisation on which Maersk Tankers global leading market position is built,” says Claus V. Hemmingsen, Vice CEO of A.P. Moller - Maersk and CEO of the Energy division.
A.P. Moller Holding has announced that the company will establish an ownership consortium for Maersk Tankers’ fleet with the leading global trading company Mitsui & Co. Ltd. [Mitsui] and other potential partners, in which A.P. Moller Holding will be majority shareholder.
"We look forward to becoming a part of A.P. Moller Holding under which we will continue to strengthen our third-party services and commercial performance, building on our position as digital frontrunner in the industry. This will benefit our customers, partners and owner,” says Christian M. Ingerslev, CEO of Maersk Tankers.
A.P. Moller Holding will take over Maersk Tankers entire organisation, portfolio and obligations. As part of the agreement, A.P. Moller Holding will assume all outstanding capital commitments of Maersk Tankers’ fleet renewal programme. Closing is expected to take place in October 2017. Closing of the transaction is not subject to merger control approvals.
As the transaction is between related parties, fairness opinions have been obtained from Morgan Stanley & Co. Int. Plc. and DNB Bank ASA. The conclusions from these fairness opinions confirm that the transaction value including the agreed price adjustment mechanism is fair from a financial point of view.
Structural solutions for the remaining companies under the Energy division, Maersk Drilling and Maersk Supply Service, remain to be defined before the end of 2018.
Posted at 16:29 パーマリンク
Total S.A. to acquire Mærsk Olie og Gas A/S for USD 7.45bn and make Denmark a regional hub [Shipping Line]
A.P. Møller - Mærsk A/S [A.P. Moller - Maersk] has today signed an agreement to sell Mærsk Olie og Gas A/S [Maersk Oil] to Total S.A [Total] for USD 7.45bn in a combined share and debt transaction.
Maersk Oil will become part of a leading global oil and gas operator with a long-term investment interest in the sector. Total will take over Maersk Oil’s entire organisation, portfolio, obligations and rights with minimal pre-conditions. Planned development schedules and investments in strategic and sanctioned projects will be upheld.
With the agreement A.P. Moller - Maersk is taking a material step forward in its strategy to separate out its oil and oil related activities to create an integrated transport & logistics company, and this transaction will contribute significantly to upholding its strong capital structure.
“In determining the best future ownership structure for Maersk Oil, it has been imperative for us that the capabilities and assets created in Maersk Oil continue to be developed, and that long-term investments are upheld, especially in the Danish part of the North Sea,” says Søren Skou, CEO of A.P. Moller - Maersk and continues:
“The valuation of Maersk Oil and Total’s commitment is a testament to the quality and standing of Maersk Oil. In addition, the agreement will strengthen the financial flexibility of A.P. Moller - Maersk and free up resources to focus our future growth on container shipping, ports and logistics.”
Denmark will become the regional hub for all Total’s operations in Denmark, Norway and the Netherlands, based on Maersk Oil’s capabilities and strong position in the North Sea region.
“Maersk Oil’s activities across the North Sea will become part of a leading global operator with a strong performance record and long-term growth interest in the sector. The combination of Total and Maersk Oil’s global footprint and geographical overlap will ensure the continued development of Maersk Oil’s worldwide strategic and selective assets. By selling to Total, we ensure a continued Danish stronghold in the North Sea based on Maersk Oil’s leading position within technology development and its track record as a lean, efficient and trusted partner. Importantly, Maersk Oil will remain close to its technology and innovation partners at the Danish technical institutions and in the oil and gas service industry to the benefit of all parties,” says Claus V. Hemmingsen, Vice CEO of A.P. Moller - Maersk and CEO of the Energy division.
Patrick Pouyanné, Chairman and CEO of Total, commented that:
“I welcome Maersk Oil to the Total family. Building on Maersk Oil’s high safety standards, strong technological leadership, operational excellence and strong Danish heritage, we will intensify and accelerate the push to optimise and extend the Danish oil and gas production. The addition of Maersk Oil’s strong capabilities and high quality assets to our business will create a leading international operator in the North West European offshore region, making Denmark a regional anchor point for Total’s North Sea business. With Maersk Oil’s technical and operating competencies and Total’s experience and strong financial position, we have an exceptional opportunity to boost the combined competitive position in several core upstream regions and deliver growth, value creation and career opportunities.”
A.P. Moller - Maersk has been the main operator in the Danish North Sea for half a century, establishing and maintaining Denmark’s position as self-sufficient within oil and gas. With Maersk Oil at the forefront, the Danish oil and gas industry has contributed DKK 400bn in taxes to Denmark over the past 50 years, and provides employment to 15.000 people in the sector. In addition, Maersk Oil has significant presence in the British and Norwegian sectors, with nine licenses in Norway, including an 8.44% ownership of Johan Sverdrup, one of Norway’s largest discoveries ever. In the United Kingdom, Maersk Oil operates several offshore installations, as well as leading a number of project developments; most notably the Culzean gas development, where Maersk Oil is the operator and holds a 49.9 % ownership.
“Our future position as the regional hub for Total’s operations in Denmark, Norway and the Netherlands, recognises Maersk Oil’s status in the North Sea region. In Denmark, the focus will continue to be on investing in safe, efficient growth from existing fields. The capabilities, experiences and partnerships, which made Maersk Oil a globally recognised technology leader and trusted operator, will contribute to Total’s position in the entire North Sea and worldwide. In addition, the agreement presents new opportunities for our employees, as Maersk Oil joins a global industry leader,” says Gretchen Watkins, CEO of Maersk Oil.
The separation of the energy businesses was decided as part of last year’s strategic decision to focus A.P. Moller - Maersk’s future activities on transport and logistics, as well as a result of recent years’ oil and gas industry and market developments. Maersk Oil is the first of the four energy companies of A.P. Moller - Maersk for which a future structural solution has now been identified. The solutions for Maersk Drilling, Maersk Supply Service and Maersk Tankers remain to be defined before the end of 2018.
In a comment to the transaction, Chairman of A.P. Møller Holding A/S, Ane Mærsk Mc-Kinney Uggla states:
“In my heart and mind, this is a very difficult, but right decision. Maersk Oil has for almost half a century been at the forefront of the Danish oil development, been vital to A.P. Moller - Maersk and to this very day plays a decisive role in the Danish and international oil and gas industry. This gives us pride. As owners, we seek the best foundation for the future growth of the Maersk Oil activities and the focused development of the Danish North Sea. A.P. Møller - Mærsk A/S has found a dedicated industry owner with a sincere interest in further developing and investing in the assets and capabilities created in Maersk Oil, while preserving the heritage of Denmark's leading oil company. On behalf of A.P. Moller Holding, I wish to thank all our employees in Maersk Oil for their vast achievements and relentless dedication to A.P. Moller - Maersk.”
The agreement is subject to regulatory approval from relevant authorities, including the Danish Minister of Energy, Utilities and Climate and relevant competition authorities. Closing is expected to take place during first quarter, 2018.
A.P. Møller - Mærsk A/S has today released the following information in a Stock Exchange Announcement:
Today, A.P. Møller - Mærsk A/S (APMM) has entered into an agreement to sell Mærsk Olie og Gas A/S (“Maersk Oil”) to Total S.A. for USD 7.45bn in a combined share and debt transaction.
APMM will receive an enterprise value per 30 June 2017 of USD 7.45bn paid by 97.5m shares in Total S.A. with a value of USD 4.95bn equal to approx. 3.76% of Total S.A. (post issuing shares to APMM). In addition to the shares Total S.A. is assuming a short-term debt of USD 2.5bn via debt push down from APMM into Maersk Oil. Total S.A. will pay an interest of 3% p.a. of the enterprise value from 30 June 2017 and until closing of the transaction. Total S.A. will take over all decommissioning obligations currently amounting to USD 2.9bn.
The short-term debt will be repaid to APMM at or shortly after closing of the transaction and the proceeds will be used by APMM to reduce debt. Subject to meeting its investment grade objective, APMM plan to return a material portion of the value of the received Total S.A. shares to the APMM shareholders during the course of 2018/19 in the form of extraordinary dividend, share buyback and/or distribution of Total S.A. shares.
Total S.A. will maintain Maersk Oil’s strong position in the North Sea with strong Copenhagen and Esbjerg bases and with Denmark being the operating hub for Total S.A.’s combined operations in Denmark, Norway and the Netherlands.
The transaction is subject to regulatory approval from relevant authorities including the Danish Minister of Energy, Utilities and Climate and competition authorities as well as required consultation and notification processes with Total S.A.’s employee representatives. Closing is expected to take place during Q1 2018. Calculated as of 30 June 2017, the transaction gain after tax for APMM amounts to USD 2.8bn. The accounting gain will be recorded partly from earnings until closing and the residual at closing.
As a consequence of the transaction Maersk Oil will be classified as held-for-sale and discontinued operations in the Interim Report Q3 2017 for APMM. APMM’s financial guidance for 2017 remains un-changed except for the effect of the reclassification of Maersk Oil.
Posted at 16:27 パーマリンク
A.P. Moller - Maersk improves underlying profit and grows revenue in first half of the year [Shipping Line]
In Q2, the revenue of A. P. Moller - Maersk grew by 8.4% to USD 9.6bn year on year, mainly due to higher freight rates in Maersk Line. The underlying profit in Q2 improved from USD 134m to USD 389m with Maersk Line contributing with an underlying profit of USD 327m. As a result of post-tax impairments of USD 732m related to Maersk Tankers and APM Terminals, the reported result was a loss of USD 264m.
Posted at 16:25 パーマリンク
A.P. Møller - Mærsk A/S has published its Annual Report 2016 [Shipping Line]
2016 was a difficult year, with headwinds in all our markets. It was also a year when we decided to substantially transform A.P. Moller - Maersk to become a focused container shipping, logistics and ports company with a growing revenue.
A.P. Moller - Maersk delivered an underlying profit of USD 711m in 2016, which was in line with our guidance.
A.P. Moller - Maersk reported a loss of USD 1.9bn negatively impacted by impairments in 2016 of USD 2.7bn in Maersk Supply Service and in Maersk Drilling as a consequence of an expected weaker outlook.
Our priorities for 2017 remain on integrating our Transport & Logistics businesses as well as progressing the work on finding structural solutions for each of our oil and oil-related businesses.
For 2017, we expect A.P. Moller - Maersk to deliver an underlying profit above 2016, with an improvement in underlying profit in excess of USD 1bn in Maersk Line compared to 2016.
A.P. Moller - Maersk delivered an unsatisfactory loss of USD 1.9bn (profit of USD 925m) negatively impacted by post-tax impairments of USD 2.8bn (USD 2.6bn) primarily relating to Maersk Drilling of USD 1.4bn (USD 27m) and Maersk Supply Service of USD 1.2bn (USD 0m). In line with the latest guidance provided in November, the underlying profit came at USD 711m (USD 3.1bn). The return on invested capital (ROIC) was negative 2.7% (positive 2.9%). The free cash flow was negative USD 29m (positive USD 6.6bn including the sale of shares in Danske Bank of USD 4.9bn).
“2016 was a difficult year financially, with headwinds in all of our markets. However, it was also a year when we decided to substantially transform A.P. Moller - Maersk for the future. We have set a new course that over the next few years will lead A.P. Moller - Maersk to become a focused container shipping, logistics and ports company with the aim of growing revenue again.
We delivered an underlying profit of USD 711m, in line with guidance but clearly unsatisfactory. The main driver of the underlying result was a loss in Maersk Line. A.P. Moller - Maersk reported a net loss for the year of USD 1.9bn impacted by impairments totalling USD 2.7bn in Maersk Drilling and Maersk Supply Service as a consequence of significant over-supply and reduced long-term demand expectations.
As communicated at our Capital Markets Day in December, our top priorities for 2017 remain integrating our Transport & Logistics businesses, taking out cost in APM Terminals and Damco, closing the Hamburg-Süd acquisition, as well as progressing the work on finding structural solutions for each of our oil and oil-related businesses.
For 2017, we expect A.P. Moller - Maersk to deliver an underlying profit above 2016, mainly driven by an improvement in underlying profit in excess of USD 1bn in Maersk Line compared to 2016,” says Maersk Group CEO Søren Skou.
The demand for transportation of goods grew below expectations in the first half of the year, leading to a significant downward pressure on freight rates. In the second half of the year and especially in Q4, demand increased while deliveries of new capacity were reduced, which led to a gradual improvement of freight rates. The difficult business environment during the year enabled industry consolidation and a major container carrier went out of business, while Maersk Line continued its cost leadership strategy and gained significant market shares. The consolidation in the container shipping industry as well as the challenging oil price environment had a negative impact on earnings in APM Terminals, who over the past years has been significantly expanding its terminal network, particularly in emerging and oil dependent economies.
Oil prices reached their lowest level at the beginning of the year and have since then increased significantly, albeit from a very low level. Maersk Oil adjusted to market conditions by successfully accelerating cost reduction programmes beyond original targets, while at the same time improving production efficiency and progressing on major projects.
Despite significant cost optimisation initiatives, Maersk Drilling and Maersk Supply Service were severely impacted by continued large scale cost reductions and project cancellations in the oil industry and the large inflow of new capacity over the last years. Based on the challenging market conditions, significant impairments were recognised in Maersk Drilling (USD 1.5bn pre-tax or 18% of invested capital and a newbuilding contract) and Maersk Supply Service (USD 1.2bn pre-tax or 44% of invested capital and newbuilding contracts). Maersk Tankers improved their commercial performance, contract coverage and cost savings, partly offsetting the negative impact from declining rates. In line with the new strategy, all oil and oil related businesses initiated processes to prepare for separation from A.P. Moller - Maersk.
A.P. Moller - Maersk recorded a loss of USD 1.9bn (profit of USD 925m) and a ROIC of negative 2.7% (positive 2.9%) in 2016, negatively impacted by post-tax impairments of USD 2.8bn (USD 2.6bn) and a significantly lower underlying result of USD 711m (USD 3.1bn) severely impacted by price pressure and low market growth in all industries.
The underlying profit of USD 711m was within the guidance of below USD 1.0bn. Compared to last year, the reduction in the underlying result was due to losses in Maersk Line and Maersk Supply Service and with lower underlying results in APM Terminals, Maersk Tankers and Svitzer, while Maersk Oil, Maersk Drilling and Damco recorded increased underlying profits.
Revenue decreased to USD 35.5bn (USD 40.3bn) across all eight businesses, predominantly due to lower average container freight rates and lower oil price. Operating expenses decreased by USD 2.6bn mainly due to lower bunker prices and focus on cost efficiency across all businesses.
A.P. Moller - Maersk’s cash flow from operating activities was USD 4.3bn (USD 8.0bn) impacted by the lower profit, higher net working capital and a one-off dispute settlement in Maersk Oil. Net cash flow used for capital expenditure was USD 4.4bn (USD 6.3bn excluding the sale of shares in Danske Bank of USD 4.9bn). Gross cash flow used for capital expenditure was USD 5.0bn, USD 1.0bn lower than latest guidance, mainly due to timing of payments in APM Terminals and Maersk Drilling.
Net interest-bearing debt increased to USD 10.7bn (USD 7.8bn) mainly due to share buy-back of USD 475m, dividends of USD 1.0bn, new finance leases of USD 947m and net interest-bearing debt of USD 0.4bn acquired through the Grup Marítim TCB transaction partly offset by proceeds from sale of Danske Bank shares of USD 482m.
With an equity ratio of 52.5% (57.3%) and a liquidity reserve of USD 11.8bn (USD 12.4bn), A.P. Moller - Maersk maintains its strong financial position.
Maersk Line recorded a loss of USD 376m (profit of USD 1.3bn) and a ROIC of negative 1.9% (positive 6.5%). The underlying result was a loss of USD 384m (profit of USD 1.3bn) due to poor market conditions leading to sustained lower freight rates partly offset by higher volumes and lower unit costs related to lower bunker price, higher utilisation and cost efficiencies.
Maersk Line reached an agreement on 1 December 2016 to acquire Hamburg Süd, the German container shipping line. Hamburg Süd is the world’s seventh largest container shipping line and a leader in the North-South trades. The acquisition is subject to final agreement expected early in Q2 2017 and to regulatory approvals expected end 2017. The transaction is expected to be completed by end 2017.
APM Terminals reported a profit of USD 438m (USD 654m) and a ROIC of 5.7% (10.9%). The underlying profit was USD 433m (USD 626m). Lower profit in commercially challenged terminals in Latin America, North-West Europe and Africa as a consequence of liner network changes and weak underlying markets was only partly offset by cost saving initiatives.
Damco reported a profit of USD 31m (USD 19m) and a ROIC of 14.6% (7.1%), while Svitzer recorded a profit of USD 91m (USD 120m) and a ROIC of 7.5% (10.9%).
Maersk Oil recorded a profit of USD 477m (loss of USD 2.1bn) with a positive ROIC of 11.4% (negative 38.6%) against an average oil price of USD 44 per barrel in 2016 versus USD 52 per barrel in 2015. The underlying profit was USD 497m (USD 435m), positively impacted by operating cost reductions of 36%, ahead of the targeted 20% for the period 2014-2016, lower exploration costs, higher production efficiency and reduction of abandonment provision of USD 93m. This was partly offset by the effect of the lower average oil price.
Maersk Drilling reported a loss of USD 694m (profit of USD 751m) negatively impacted by post-tax impairments of USD 1.4bn (USD 27m) giving a ROIC of negative 9.0% (positive 9.3%). The underlying profit of USD 743m (USD 732m) was positively impacted by termination fees of approximately USD 150m moved from 2017 to 2016, high operational uptime and savings on operating costs offset by ten rigs being idle or partly idle versus three rigs last year. The financial effect from the increased number of rigs without contract reduced the result in Q4 significantly.
Maersk Supply Service reported a loss of USD 1.2bn (profit of USD 147m) and a ROIC of negative 76.7% (positive 8.5%) impacted by impairments of USD 1.2bn (USD 0m), lower rates and utilisation as well as fewer vessel days available for trading due to divestments and lay-ups. The underlying loss was USD 44m (profit of USD 117m).
Maersk Tankers recorded a profit of USD 62m (USD 160m) and a ROIC of 3.7% (9.9%), negatively impacted by declining rates, partly offset by improved commercial performance, contract coverage and cost savings.
Other businesses reported a loss of USD 117m (profit of USD 316m) mainly driven by an impairment of USD 131m in the RORO business. The result for 2015 included gains from sale of shares in Danske Bank of USD 223m and sale of Esvagt of USD 76m.
GUIDANCE FOR 2017
A.P. Moller - Maersk expects an underlying profit above 2016 (USD 711m). Gross capital expenditure for 2017 is expected to be USD 5.5-6.5bn (USD 5.0bn).
The Transport & Logistics division expects an underlying profit above USD 1bn.
Due to gradual improvements in container rates Maersk Line expects an improvement in excess of USD 1bn in underlying profit compared to 2016 (loss of USD 384m).
Global demand for seaborne container transportation is expected to increase 2-4%.
The remaining businesses (APM Terminals, Damco, Svitzer and Maersk Container Industry) in the Transport & Logistics division expect an underlying profit around 2016 (USD 500m).
The Energy division expects an underlying profit around USD 0.5bn, with Maersk Oil being the main contributor.
The entitlement production is expected at a level of 215,000-225,000 boepd (313,000 boepd) for the full-year and around 150,000-160,000 boepd for the second half of the year after exit from Qatar mid-July. Exploration costs in Maersk Oil are expected to be around the 2016 level (USD 223m).
Net financial expenses for A.P. Moller - Maersk are expected around USD 0.5bn.
The guidance for 2017 excludes the acquisition of Hamburg Süd.
Posted at 21:41 パーマリンク
Maersk Line to acquire Hamburg Süd [Shipping Line]
Maersk Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Süd, the German container shipping line. The acquisition is subject to final agreement and regulatory approvals.
Hamburg Süd is the world’s seventh largest container shipping line and a leader in the North–South trades. The company operates 130 container vessels with a container capacity of 625,000 TEU (twenty-foot equivalent). It has 5,960 employees in more than 250 offices across the world and market its services through the Hamburg Süd, CCNI (based in Chile) and Aliança (based in Brazil) brands. In 2015, Hamburg Süd had a turnover of USD 6,726 million of which USD 6,261 million stems from its container line activities.
“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. 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,” says Søren Skou, CEO of Maersk Line and the Maersk Group.
“We are proud to join the global market leader Maersk Line. While gaining access to a superior network and systems we will continue the Hamburg Süd brand and business model offering personalized solutions to our shippers and consignees. By joining forces both Maersk and Hamburg Süd will strengthen their product portfolio and cost position to the benefit of their customers,” says Dr. Ottmar Gast, Chairman of the Executive Board of the Hamburg Süd Group.
“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. Maersk will preserve and grow Hamburg Süd and what the brand and the whole organization and a highly dedicated workforce stand for: reliable and high quality logistical services to our customers,” says Dr. August Oetker, Chairman of the Advisory Board of Dr. August Oetker KG, the management holding company of the Oetker Group.
On 22 September 2016, Maersk Line announced that it would grow market share organically and through acquisitions.
“The acquisition of Hamburg Süd is in line with our growth strategy and will increase the volumes of both Maersk Line and APM Terminals,” says Søren Skou.
Hamburg Süd and Aliança will continue as separate brands and continue to serve customers through their local offices.
“Hamburg Süd and Aliança have competitive and attractive customer value propositions, which we want to preserve and protect. We wish to maintain the personal touch and engagement they offer their customers. In short, Hamburg Süd and Aliança customers will also be Hamburg Süd and Aliança customers in the future,” says Søren Skou.
In the combined network, Hamburg Süd and Maersk Line’s customers will have access to the dedicated end-to-end services provided by Hamburg Süd in the North–South trades as well as the flexibility and reach provided in Maersk Line’s global network. Furthermore, the combined network will enable Maersk Line to develop new products with more direct port calls and shorter transit times.
“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,” concludes Søren Skou.
The acquisition is subject to a satisfactory due diligence, final agreement and subject to regulatory approval in amongst others China, Korea, Australia, Brazil, the United States and the EU. Maersk Line will work closely with the authorities. Maersk Line expects the regulatory process to last until the end of 2017. Until then, Hamburg Süd and Maersk Line will continue business as usual.
With the acquisition, Maersk Line will have container capacity of around 3.8 million TEU (3.1 million TEU) and an 18.6% (15.7%) global capacity share. The combined fleet will consist of 741 container vessels with an average age of 8.7 years (9.2 years).
The agreement with Hamburg Süd has no financial impact in 2016.
Maersk Line expects to communicate further details following the approval of the sales and purchase agreement expected early in the second quarter of 2017. Maersk Line expects to close the transaction end 2017.
Posted at 21:37 パーマリンク
OPC, CHEC ink deal for Puerto Cortes expansion [Shipping Line]
Operadura Portuaria Centroamericana SA de CV (OPC) has signed a contract with China Harbour Engineering Company (CHEC) for the first phase of the expansion of the Specialized Container and Cargo Terminal in Puerto Cortes, Honduras.
The first phase covers the construction of a 350-meter long berth with a controlling depth of 15.5 meters, two trestles that will be connected to the existing yard, and dredging of the bay up to 14 meters deep. The new berth will be equipped with two super post-Panamax quay cranes, bringing OPC’s total number of quay cranes to six.
Scheduled for completion by mid-2018, the terminal expansion will position Puerto Cortes as the most competitive port in the Caribbean. The port, located north and along the Atlantic coast of Honduras, is the country’s center of transportation and commerce. Considered to be one of the most important ports in Central America, it handles 85 percent of shipment to Honduras, 10 percent to El Salvador and five percent to Nicaragua.
In 2013, ICTSI was awarded a 30-year concession for the design, financing, construction, maintenance, operation and exploration of the Specialized Container and Cargo Terminal in Honduras.
Operadura Portuaria Centroamericana SA de CV (OPC) is a subsidiary of International Container Terminal Services, Inc.
Posted at 19:04 パーマリンク
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