Tag: merger

Diamond S Shipping Inc. announced that the merger of the business and operations of DSS Holdings and the crude and product tanker business of Capital Product Partners has been completed. Diamond S common stock began regular-way trading on the New York Stock Exchange on March 28. Diamond S Shipping now owns and operates 68 vessels on the water, including 15 Suezmax vessels, one Aframax and 52 medium-range (MR) product tankers.

Hyundai Heavy Industries is expected to sign an official agreement with Korea Development Bank on March 8 to take over Daewoo Shipbuilding & Marine Engineering. However, even if the deal closes, HHI will still have to solve several issues in order to fully acquire DSME. One of the issues the HHI faces is that is the evaluation of the merger proposal by major countries, such as the US, the EU, China and Japan.

Releasing its 2018 financial results, CMA CGM notes that in 2019, despite persisting geopolitical tensions, trade perspectives are positive. In addition, the company will also try to improve profitability. For this reason, it is launching a new USD 1.2 billion cost reduction plan. This will be achieved by the optimization of lines and rands, and by further streamlining its processes.

Two of the biggest container shipping companies, Maersk and the Mediterranean Shipping Company, were cleared in an investigation of the sector by the US Department of Justice, on Tuesday February 26. If the investigation was to charge the companies, it could have imposed large fines at a time when the container sector faces many difficulties due to slowing global economic growth.

Organisations representing the main maritime logistics industry stakeholders, as well as EU national maritime authorities, met on February 8 in Paris to discuss about the EU Consortia Block Exemption Regulation. The associations attempted to assess the validity of the BER, which provides the liner shipping industry an exemption from normal competition rules. 

Moody's upgraded Hapag-Lloyd to B1 from B2, its probability of default rating (PDR) to B1-PD from B2-PD and its senior unsecured bond ratings to B3 from Caa1. This rating reflects Hapag-Lloyd's progress in integrating UASC after the merger, while also reducing leverage and generating positive free cash flow on the back of tight cost management and increased efficiencies.

BDO has completed its merger with Moore Stephens LLP, creating the largest UK accountancy and business advisory firm focused on mid-sized, entrepreneurially-spirited businesses. As the company reported, the merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9 billion across 162 countries.

The European Commission has approved, under the EU Merger Regulation, the joint venture of Stena Rederi of Sweden, part of the Stena Sphere, and Glovis Europe of Germany, controlled by Hyundai Glovis of South Korea. The joint venture will mainly operate short-sea transport services on Pure Car and Truck Carrier vessels in Europe.

Four trade associations of the international liner shipping industry submitted comments to the European Commission supporting the extension of the EU consortia block exemption regulation for five years more beyond its current 2020 expiration date. 

The European Commission has approved, under the EU Merger Regulation, the acquisition of Unifeeder by the terminal operator DP World, which is based in Dubai.  DP World agreed to buy 100% of Unifeeder for 660 million euros. The acquisition is expected to close in the end of 2018.