CP Ships to Acquire Nordana Line

Wednesday, November 14, 2001
CP Ships, one of the world's top ten container shipping companies, has reached agreement with Dannebrog of Denmark to acquire Caribbean/Latin American market specialist Nordana Line. The acquisition includes Nordana's business and services and its 10,000 teu container fleet. It also includes the time charter of three roll-on/roll-off ships owned by Dannebrog and the sub-charter of three chartered-in ships.

"The acquisition of Nordana Line is a good example of one of the principal elements of our strategy, making acquisitions to reinforce our position as the container shipping industry's regional market leader," commented Chief Executive Officer Ray Miles. Nordana operates three services with a total annual volume of about 50,000 teu. Two services link the Caribbean and Central America with the US and the Mediterranean. A third service operates between the US/Central America and North Coast South America in co-operation already with the CP Ships brands, Lykes Lines and TMM Lines.

CP Ships first entered Latin American markets with its 1997 acquisition of Contship Containerlines. Subsequent acquisitions of Ivaran Line and TMM Lines expanded greatly the company's coverage throughout the Caribbean and Latin America. Today three CP Ships brands offer services in six of the region's trade lanes.

"As with our previous acquisitions, it will introduce new opportunities for synergy and cost savings and strengthen our business based in this region," commented Chief Operating Officer Frank Halliwell. "We look forward to bringing Nordana into our family. It will enable us to expand even further the unique range of choice we offer our customers."

Nordana started in 1957 as a joint venture between Norwegian and Danish interests. Subsequently it became wholly-owned by Dannebrog. The acquisition is expected to close in early 2002 after completion of definitive documentation.

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

Finance

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

Confidence High in UK Logistics Sector

The latest U.K. Logistics Confidence Index commissioned by Barclays and Moore Stephens reveals that confidence in the U.K. logistics sector remains high but more

Statoil Invests $1.5b in US Offshore Project

Statoil together with co-owners in the Stampede development in the Gulf of Mexicohas sanctioned the Stampede project in the U.S. Gulf of Mexico. Statoil said it will invest $1.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.1197 sec (8 req/sec)