The Rationale for Shipping M&A
The most often quoted reason for consolidation is the reduction in unit costs which can be obtained by an operator with a larger volume of business. The ways in which these reductions can be achieved in practice are discussed in a new white paper, Consolidation in the liner industry, published by Drewry. Consolidation may put a shipping line in a better position to chart its future, with larger volumes and a greater control of its own destiny. • COSCO and CSCL’s merger advances them to fourth place (previously sixth and seventh respectively) though around 4% points behind CMA-CGM.
Hapag-Lloyd Celebrates 125 Years in Montreal
125 years ago, the steamship “Cremon” set sail from Europe to Canada for the first time under the Hapag flag. Hapag-Lloyd will be celebrating this anniversary in Montreal today with the shipping company’s customers and other partners. “As an important connection between Atlantic and Pacific, as well as between the United States, Asia and Europe, Canada has been and continues to be an important and special partner for us,” said Rolf Habben Jansen, the CEO of Hapag-Lloyd AG. At the end of the 19th century…
Hapag-Lloyd, UASC Complete Merger
Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
Hapag-Lloyd Stakeholders Okay Capital Increase
Hapag-Lloyd shareholders approved all items on the agenda at today’s Annual General Meeting. In particular, the shareholders approved the creation of new authorised share capital. This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within six month after the closing of the merger with the Arabian liner shipping company UASC. The closing took place on May 24. Some of the anchor shareholders have committed to backstop the cash capital increase in the amount of USD 400 million.
CP Releases Note Pricing Details
CP Ships Limited reached agreement with initial purchasers to issue $175 million of 4% convertible senior subordinated notes due 2024. CP Ships has also offered the initial purchasers the option to buy up to an additional $25 million aggregate principal amount of notes exercisable within 30 days from Feb. 19, 2004. The notes will be convertible into CP Ships’ common shares under certain specified conditions. CP Ships may call the notes for cash at any time after July 3, 2009. Holders of notes may put the notes to CP Ships in exchange for cash on June 30, 2009, June 30, 2014 and June 30, 2019. The notes will be convertible into CP Ships’ common shares at an initial conversion price of approximately $25.22 per share…
CP Ships Reports 4Q Results
CP Ships Limited today announced unaudited fourth quarter 2003 operating income of US $49 million, up from $34 million before exceptional items in fourth quarter 2002 and up from $44 million in third quarter 2003. Basic earnings per share was $0.46 compared with 2002's $0.23 before exceptional items and third quarter's $0.37. Net income available to common shareholders was $41 million, compared to $23 million in fourth quarter 2002. For 2003 overall, operating income before exceptional items was $131 million compared with $83 million in 2002. Basic earnings per share before exceptional items was $1.02 compared with $0.59. Return on average capital employed at 7.3% was up from 5.7% in 2002. Net income available to common shareholders was $82 million compared to $52 million in 2002.
CP Ships Appoints Director of Environmental Services
CP Ships Limited has appointed environmental management specialist Dennis Fortune as its first Director of Environmental Services, based in Montreal. Mr Fortune is responsible for leading CP Ships' extensive environmental management program which involves all aspects of the company's operations including marine and terminal activities, hazardous cargo handling, occupational health and safety and compliance with local and international regulations. "We are proud of our environmental management track record and, with Dennis's extensive experience, we look forward to building on our strengths," commented CP Ships' CEO Ray Miles. Mr Fortune has more than 20 years of environmental management experience, most recently as head of his own consultancy, Dennis Fortune Environmental Associates Inc.
CP Ships Announces 4Q Reporting Date and Webcast
CP Ships Limited plans to announce its fourth quarter 2003 financial results on Thursday 5th February 2004. CEO Ray Miles will host a conference call and presentation to the investment community on 5th February at 11:00 am Eastern time, 4:00 pm London, UK time. The conference call and presentation will be webcast live and can be accessed through the CP Ships website (www.cpships.com). The webcast will also be available in archive through the CP Ships website until Friday 5th March 2004.
CP Ships Report 3Q Results
CP Ships Ltd. was able to report a 37% increase in net income in the third quarter despite higher costs, due to continuing general improvement in industry conditions. The company said its operating profit in the latest quarter was the highest since it went public in October 2001. Third-quarter net income was $33 million or 36 cents a share, up from $24 million or 27 cents a year earlier. The Thomson First Call mean estimate was for net income of 41 cents in the latest quarter. Quarterly revenue rose 16% to $817 million from $704 million. Operating income was $44 million versus $34 million. It said it expects fourth-quarter operating income to be "broadly in line" with the third quarter.
CP Ships to Acquire Nordana Line
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. roll-on/roll-off ships owned by Dannebrog and the sub-charter of three chartered-in ships. commented Chief Executive Officer Ray Miles. Nordana operates three services with a total annual volume of about 50,000 teu. 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. Latin America.
CP Ships Secure Long-Term Agreement
Canadian Pacific Railway and CP Ships have reached a long-term agreement that will see CPR continue as the shipping company's exclusive Montreal Gateway rail carrier well into the future. The two companies have extended their existing agreement, originally due to run until 2004, for another 10 years to 2014. The new agreement secures CPR's position as the leading rail service provider in the Port of Montreal, handling the majority of the port's containerized rail traffic. CPR and CP Ships had agreed in principle to the terms of the agreement before their recent spin-off from Canadian Pacific Limited."This long-term partnership preserves CPR's strong and secure position in one of North America's busiest container ports," said Rob Ritchie, CPR's President and CEO.
Canada Maritime Earns World Trade Award
invest in new tonnage and pioneer new services. reliability, price, technology, customer relations and on-time delivery. the largest ships ever to be deployed in the St. teu containerships Canmar Venture and Canmar Spirit. fastest transit times between the continents. responsibility for Canada Maritime. with the new ships and terminal investments at our Montreal Gateway.
Seaspan Container Lines Expands
Seaspan Container Lines has placed an order for nine new 4,250 TEU container ships. The new ships will be chartered to the Canadian shipping company, CP Ships. “It is an honor for us to expand our customer base to include CP Ships. Their people, performance, and history are all first class. We are extremely excited about this new relationship,” said Kyle Washington, CEO and chairman of the Washington Marine Group. The new ships will be built at Samsung Heavy Industries, in South Korea. Gerry Wang, director, Sea Span Container Lines said, “this continues our very strong partnership with Samsung. This is the 36th large containership Seaspan has ordered from Samsung Heavy Industries over the past three years.
CP Ships Commits to Newbuild Charters
CP Ships Limited today announced its agreement to the long-term charter of nine 4250 teu newly built containerships from Seaspan Container Lines for a term of up to ten years. built by Samsung Heavy Industries of Korea. replace chartered ships with owned ships. growth our requirements have evolved. medium term charter market," commented CP Ships CEO Ray Miles. service its regional trades.
Canada Maritime Expands Eastern European Network
Canada Maritime has expanded its agency network in Eastern Europe to capitalize on an anticipated increase in trade between North America and the region over the next few years. Aseco Container Services has been appointed to represent Canada Maritime in three of the most dynamic markets in Eastern Europe, namely Poland, the Czech Republic and Slovakia. years. Aseco is also currently the agent for Canada Maritime in Scandinavia with offices throughout the region. Forwarding in the Ukraine. Shipments to and from Eastern European markets are transhipped over Hamburg or Antwerp, both of which are served by a fixed-day weekly sailing of Canada Maritime’s three loop Northern Service. development,” said Terry Burrows, Senior Vice President CP Ships.
Hapag-Lloyd Ensures Continuity within Executive Management
At its meeting today, the Supervisory Board of Hapag-Lloyd AG has set the course at an early stage for maintaining continuity in the Executive Board of Germany’s largest liner shipping company. Rolf Habben-Jansen will succeed Chief Executive Officer Michael Behrendt, who is set to leave in the middle of next year. Habben-Jansen has been appointed to the Executive Board of the company with effect from April 1, 2014 and will assume the position of Chairman of the Executive Board on July 1, 2014. Habben-Jansen is a successful and experienced manager in the logistics sector. Having held positions at the Royal Nedlloyd Group and at DHL, he became CEO of the freight forwarding group Damco NV in The Hague in 2009.
CP Ships Begins Trading on TSE and NYSE
CP Ships, one of the world's top ten container shipping companies, began trading on the Toronto Stock Exchange and the New York Stock Exchange under the symbol TEU. The listings follow the reorganization of the company's former parent, Canadian Pacific Limited, which was completed on October 1, 2001. Effective today, CP Ships is also included in the S&P/TSE 60 Index of top Canadian publicly listed companies, as well as the TSE 300 and the S&P Global 1200. A leader in the majority of its core markets, CP Ships' earnings have consistently exceeded cost of capital throughout the business cycle. It is the only container shipping company to be listed in North America.
Sea Star Line Announces Commercial Leadership Changes
Sea Star Line, LLC announced today that Bill Taylor will assume leadership of Sea Stars United States sales team as Vice President, US Sales. Eduardo Pagan, who held the position of Vice President, Commercial Services will now hold the position of Vice President and General Manager, Puerto Rico and Caribbean. We are extremely pleased to have Bill on board as he brings 30 years of sales experience in the ocean transportation industry. said Peter Keller, Sea Star Line President. Prior to joining Sea Star Line, Taylor held sales and leadership positions with international carriers, CAST, Lykes Lines and CP Ships. Taylor most recently was responsible for managing Tropical Shippings Eastern Caribbean service. Mr.
Hapag-Lloyd Still Strong in Canada
Hapag-Lloyd remains the market leader among liner shipping companies in Canada. In the past year, the shipping company saw its market share increase to over 18%. Hapag-Lloyd is the largest liner shipping company in terms of throughput volume at both the Port of Vancouver and the Port of Halifax. Hapag-Lloyd handles more containers in Montreal than in Los Angeles and Long Beach combined – the largest port complex in North America. Deepening the channel is an important topic at the Port of Montreal, as it is in Hamburg.
Hapag-Lloyd and Coast Guard to Receive Port Ministry Awards
The North American Maritime Ministry Association (NAMMA) announced that Hapag-Lloyd and the United States Coast Guard are the recipients of this year’s maritime ministry awards. The awards are given to a corporation and an individual or organization who demonstrate a commitment to benefit seafarers. The awards will be presented on October 23 in at the World Maritime Day Observance. Hapag-Lloyd will receive NAMMA’s Seafarer’s Salute Award for its programs and practices benefiting its seafarers. The United States Coast Guard is the 2008 recipient of the Joe R. Gerson Humanitarian Award for their efforts on behalf of seafarers. The Hapag-Lloyd group focuses on global container liner shipping.
Ship’s Boy to Executive Board
Hapag-Lloyd executive board member Adolf Adrion is retiring at the end of the year after over 50 years with the company. “Adolf Adrion is leaving us as a shipping expert who put his excellent expertise and experience in the service of Hapag-Lloyd for more than 50 years and also assumed many honorary posts in the maritime industry. It was only fitting that he was accepted into the Maritime Hall of Fame this year,” declared Michael Behrendt, chairman of the executive board of Hapag-Lloyd AG, on the occasion of the official farewell, attended by close on 200 invited guests, including customers, partners and vendors from all over the world. After attending navigation school, Adolf Adrion started his career as a deck boy on a Hapag general cargo ship on August 14th 1957.
Hapag-Lloyd Completes Integration with UASC
Hapag-Lloyd successfully completed the integration of UASC into the Group on 30 November 2017. At a gathering of the shipping company’s global management in Hamburg, Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said in the afternoon: “Thanks to the very good cooperation of our teams we have managed to successfully implement this integration in just six months. Hapag-Lloyd merged with the United Arab Shipping Company on May 24, 2017. Within the subsequent six months, the operating businesses…
ITCO Promotes Safe, Green Tank Containers
The International Tank Container Organisation (ITCO) will unveil a new tranche of industry knowledge on intermodal tank containers in three specialist presentations to be made at the Transport Logistic 2009 event in Munich on 12-15 May 2009. Two of the papers highlight recent studies which bring together a wide range of established knowledge to explain why tank containers are the safest, most reliable and efficient means of transporting bulk liquids, powders and gases. The third presentation will break completely new ground by describing how tank containers have a lower ‘carbon footprint’ than alternative forms of transport. ITCO will once again have its own Tank Container Village within the large Transport Logistic Exhibition at the New Munich Trade Fair Centre this coming May.