December 1 - Maersk Line has reached an agreement to purchase German container shpping line Hamburg Süd from the Oetker Group.
The deal follows mounting speculation that the shipping line was up for sale, in light of continuing unfavourable conditions in the container shipping market.
In a statement, Maersk Line said that the acquisition is subject to final agreement and regulatory approvals in China, South Korea, Australia, Brazil, the USA and the EU, amongst other countries.
Maersk Line expects the regulatory process to last until the end of 2017. Until then, both Hamburg Süd and Maersk Line will continue business as usual.
Hamburg Süd currently operates 130 container vessels with a total capacity of 625,000 teu and has 5,960 employees in over 250 offices worldwide.
The acquisition will leave Maersk Line with a container capacity of around 3.8 million teu and a global capacity share of 18.6 percent. Its combined fleet will consist of 741 container ships with an average age of 8.7 years, said the Danish container line.
Maersk Line stated that Hamburg Süd and its Brazilian subsidiary Aliança will continue as separate brands and continue to serve customers through their local offices.