Maersk Line needs only three more approvals for Hamburg Süd takeover

Denmark-based Maersk Line has received clearance from 18 jurisdictions for the acquisition of Germany-based liner company Hamburg Süd, leaving only three more approvals to be obtained.

Maersk Group CEO Søren Skou said that the best case scenario would see the remaining approvals obtained by the end of November.

Maersk confirmed its intention of beginning the integration of Hamburg Süd before the end of the year.

Maersk is buying the German company for $4bn, which is being financed by a secured syndicated loan facility. Once completed, Maersk Line and Hamburg Süd will have a total container capacity of around 3.9m teu. The combined fleet will consist of nearly 750 container vessels.

Meanwhile, Maersk Line has swung to a net profit of $220m for Q3 compared with a loss of $122m in the corresponding period last year.

Turnover increased year-on-year by 14% to $6.1bn, helped by a 14% increase in its average freight rate to $2,063 per feu.

The swing to profit came despite a 2.5% fall in volume to 5.2m teu, which was a direct result of the Petya cyber attack that cost the carrier an estimated $250m-to-$300m in Q3. Skou said Maersk could not be completely happy with the result since, notwithstanding the impact of the cyber-attack, liftings for the quarter were flat.