Hamburg Süd Seeks Options after Failed Hapag-Lloyd Merger Talks

Posted by Michelle Howard
Tuesday, June 17, 2014
Hamburg Süd's Cap San Nicolas in the South China Sea (Photo courtesy of Hamburg Süd)

Germany's second biggest container shipper Hamburg Süd is seeking options for the business after merger talks with bigger rival Hapag-Lloyd failed last year, Chief Executive Ottmar Gast said on Tuesday.

"We are working on alternatives," Gast told reporters at the results news conference of Hamburg-Sued parent Oetker Group.

Gast, who is part of the four-member management group of Oetker Group's holding company Dr. August Oetker KG, did not provide details, noting only that "size isn't everything".

Hamburg Süd and Hapag-Lloyd ended talks in March 2013 to create the world's fourth-largest shipper after failing to agree on which of the two should have management control.

Shipping groups have struggled with the worst slump on record, with a weak global economy, oversupply of vessels and low freight rates providing impetus for sector consolidation.

Hapag-Lloyd in April this year signed a deal with Compania SudAmericana de Vapores to take over the Chilean's shipping company's container business and create the world's No. 4 player behind Maersk Line, part of Danish conglomerate A.P. Moller-Maersk (MAERSKb.CO), Switzerland's Mediterranean Shipping Company and France's CMA CGM.

Hamburg Süd's revenue declined 4 percent to 5.25 billion euros ($7.1479 billion) last year, the Oetker Group said on Tuesday. The company does not disclose profit figures.

($1 = 0.7345 Euros)

(Reporting by Matthias Inverardi; Writing by Marilyn Gerlach, editing by David Evans)

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

People & Company News

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Vessels

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Logistics

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Port of Houston Expecting Record Year

The Port of Houston Authority is expecting 2014 to close as a banner year for the port, with 34 million tons of cargo handled through November, Executive Director

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

Mergers & Acquisitions

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

Teekay Tankers to Acquire 5 Tankers

Teekay Tankers Ltd. announced that it will acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately $230 million.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.2834 sec (4 req/sec)