Tag: merger

MOL Nordic Tankers (MOLNT) informed that a full integration process of the company into MOL Chemical Tankers (MOLCT) has began, and is expected to be completed within 2020. MOLCT acquired MOLNT in January 2019. After the acquisition, MOLNT said that it sees this full integration as a natural step towards further developing our business to the benefit of our customers.

The two major mergers of South Korean Hyundai Heavy Industries Co. and DSME, and Chinese shipyards China Shipbuilding Industry Corp. and China State Shipbuilding Corp., are expected to control nearly half of the global shipbuilding market, forging a new reality for the global shipping industry.

Several mergers between Chinese shipbuilders are putting South Korean mid-size companies, which are already struggling, into risk. Because of these mergers, are medium-sized Korean shipyards worry that they could lose deals to construct oil tankers to Chinese companies, like it happened for bulk carriers.

COSCO Shipping Ports Limited announced that its two wholly-owned subsidiaries, COSCO Ports (Tianjin) Limited (CP Tianjin) and China Shipping Terminal Development Co., Ltd., entered into a merger agreement with Tianjin Port Holdings and CM Terminals, as of 30 June. 

Worker unions at South Korean shipbuilding giant Hyundai Heavy Industries Co. staged a partial strike on Thursday to protest against the merger with the compatriot major Daewoo Shipbuilding and Marine Engineering Co Ltd (DSME).

French shipping giant CMA CGM announced successful completion of its public tender offer to acquire Swiss CEVA Logistics. Following the close of the public tender offer launched on 12 February, CMA CGM will hold 97.89% of the outstanding shares and voting rights of CEVA.

French shipping giant CMA CGM Group combined its two experts in intra-European multimodal transport, Containerships and MacAndrews, under the Containerships brand. The brand now offers 26 maritime services and 8 inland services operated through a fleet of 32 vessels and 700 trucks.

Japanese energy company JERA and EDF Trading Limited announced the completion of the transaction to merge their LNG optimisation and trading activities into JERA Global Markets (JERAGM), the new name for JERA Trading.

Antwerp-based crude oil tanker company Euronav announced that its current CFO Hugo De Stoop will succeed Paddy Rodgers as CEO of the company in the course of the second quarter of this year. The Company has now started a search for a new CFO.

According to Drewry, IMO's 2020 may result to a major carrier bankruptcy. In its recently published Container Insight Weekly, Drewry suggested that financially vulnerable carriers could be pushed into mergers and acquisitions by the extra costs associated with the new low-sulphur fuel regulation.