December 2 - Hapag-Lloyd and Compa

HLPFI reported on April 17 that the two companies had signed a binding contract on the merger, subject to the necessary approvals, which have now been fulfilled.

The merger is expected to result in many synergies, said the two companies, with annual savings of at least USD300 million anticipated simply as a result of network optimisations, improvements to productivity and reduction in costs.

The merged company will have around 200 vessels with a total capacity of approximately one million teu, transporting some 7.5 million teu every year and will set up its fourth regional headquarters in Valparaiso, Chile.

Rolf Habben Jansen, ceo of Hapag-Lloyd, commented: "This is a big day for both companies. With Hapag-Lloyd's strength in Asian traffic and on the North Atlantic, combined with CSAV's strong position in Latin America, we will become the leading shipping company in this region - and thereby be able to offer our global customers an even more attractive network and wider range of products. Our ability to compete will also be significantly enhanced by closing the gap to the top three of our industry."

Habben added that there will be no major changes to the way the companies work until the transition to Hapag-Lloyd systems is completed towards the end of the first quarter of 2015. The main process of integrating CSAV's container business into Hapag-Lloyd is expected to be finalised by the end of the second quarter of 2015.