Umea and Vaasa - Another Port Merger in the Baltic

By Joseph R. Fonseca
Thursday, July 03, 2014
Courtesy Baltic Port Organization

 

The owners of the respective harbours, municipalities of Umeå and Vaasa, have agreed to set up a joint company, Kvarkenhamnar AB.

The new entity with head office in Umeå will take over port management from the Swedish and Finnish local governments as from the 1st of January, 2015. Kvarkenhamnar AB will be owned 50/50 by the founders who will contribute with ca. EUR 1.65 mln each to the share capital.

The ports' current staff will be employed in the new company. Kvarkenhamnar's board of directors will be equally split between Umeå and Vaasa. In the case when the board's president will come from Sweden, the company's CEO will be from Finland, and vice versa. The new entity will focus on port authority functions and complementary services such as warehousing and passenger services since the Wasaline ferry company, offering a ro-pax route between the two ports, has been also established by the municipalities.

One port authority makes it possible for smaller harbours to achieve economies of scales, streamline administrative works, coordinate marketing and development activities, more effectively work together concerning environmental issues as well as specialize each port to cut unnecessary double investments in order to increase both ports' competitiveness.

The port merger trend in the Baltic Sea region is quite strong, the last year's event of Halmstad and Varberg becoming one Port of Halland is the latest example, apart from other similar undertakings in the past such as Ports of Stockholm, Copenhagen Malmö Port, HaminaKotka, Mälarhamnar or ports around the Lake Vänern.
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

PierPass' New President Responsible for Ports of LA & Long Beach

New president John Cushing’s role gives him responsibility for PierPass programs to relieve congestion and improve air quality at the Ports of Los Angeles and Long Beach.

Environmental Attorney Joins Long Beach Harbor Commission

Environmental attorney and Long Beach resident Tracy Egoscue joined the Long Beach Board of Harbor Commissioners on Tuesday as the first Commissioner appointed by newly elected Mayor Robert Garcia.

DP World & Hutchison Port Holdings to Combat Global Warming

In an unprecedented show of commitment for an environmental cause, DP World and Hutchison Port Holdings Limited (HPH) have joined hands to combat global warming

News

Continental Resources Names New President after Bott's Quick Exit

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, promoted Jack Stark to president on Wednesday, less than a week after Rick Bott quit the position.

USCG in Search of Missing Man in Lake Michigan

The Coast Guard is searching for a man who went missing on Lake Michigan, Tuesday. Missing is 48-year-old Joseph Kiehm from Milwaukee. Kiehm was last seen aboard his 26-foot white sailboat,

Environmental Attorney Joins Long Beach Harbor Commission

Environmental attorney and Long Beach resident Tracy Egoscue joined the Long Beach Board of Harbor Commissioners on Tuesday as the first Commissioner appointed by newly elected Mayor Robert Garcia.

Mergers & Acquisitions

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

Fugro Takes Delivery of 2nd Coastal Survey Vessel from Damen

Fugro yesterday took delivery of its second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact,

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2166 sec (5 req/sec)