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Chile's CCNI and Hamburg Sud ink preliminary merger deal
The deal would include the related general agency functions and would be subject to due diligence, execution of a sale and purchase agreement and approval by the relevant authorities. The acquisition is scheduled to be executed by the 31 December 2014.
Seatrade Global had reported in April that the second largest Latin American shipping line CCNI had told its board members that it was evaluating partnership with other liners. “We have come to the conclusion that the future is to get associated or die,” said CCNI president and chairman Beltran Urenda Salamanca at the time, announcing that the shipping line was already in talks with a “German shipping company we have been working with for the past 15 years, Hamburg Sud.
”Hamburg Sud intends to strengthen its liner network to and from South America by integrating the CCNI liner services. Merging the dedicated and experienced workforce of CCNI and HSDG will help to create an even stronger organisation that will provide a first class service to the customers of both companies" the two companies said in a statement.
CCNI reported $841.47m in revenues in 2013, down from $910.05m in 2012, with net profit also dwindling to $0.16m from $9.32m the previous year. Following the transaction CCNI will continue its non-liner shipping activities including the car carrier and shipowning business.
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Other news in this sector:
- 2014-07-31 Extend shipping distances for perishables
- 2014-07-30 Philippine Ports Authority plans to privatize 3 ports in Mindanao
- 2014-07-30 Maersk unveils low-sulphur surcharge, but customers of other carriers must wait
- 2014-07-30 Port of Antwerp handled up to 98,229,046 tonnes in H1 2014
- 2014-07-29 Qatar Air aims to be among top five cargo operators
- 2014-07-29 "Limited availability of reefers will lead to greater shortage of equipment"
- 2014-07-28 Israel: “Beauty of vegetables” opens new logistics centre
- 2014-07-28 New route for South American citrus, grapes and blueberries to the U.S.
- 2014-07-28 Chile's CCNI and Hamburg Sud ink preliminary merger deal
- 2014-07-25 CEO at Easyfresh and expert in global reefer logistics
- 2014-07-24 Ability to scan cargo on moving trains with no loss of security
- 2014-07-23 Peru: Ecuador's restrictions affect exporters
- 2014-07-22 Tilbury wins CMA CGM North Europe-Med service to meet demand
- 2014-07-22 New freight train from China through 5 countries in Central Asia
- 2014-07-21 Affordable cold chain solutions to protect valuable assets
- 2014-07-21 Triple-E ships boost Maersk’s Asia–North Europe capacity by 15%
- 2014-07-21 Oman International Container Terminal enhances capabilities at Sohar Port
- 2014-07-18 Maersk Line: Additional ECA surcharge will be $50 to $150 per FEU
- 2014-07-17 Building a fresh-produce gateway through South Florida ports
- 2014-07-16 ‘Erratic’ rate increase attempts not understood, taken seriously by shippers