New partnership in Europe - South Africa trade
published: cw 47, 2005 in Mergers & acquisitionsMitsui O.S.K.Lines, Ltd.(MOL) and A.P.Moller-Maersk (APM-Maersk) announced that agreement has been reached with to acquire the existing operations of P&O Nedlloyd (PONL) on the trade between Europe & South Africa.
With effect from 1 February, 2006, MOL acquires the right to enter in the place of P&O Nedlloyd into a co-operation agreement with Safmarine, Deutsche Afrika-Linien, and Maersk Line, which are collectively known as “SAECS(South Africa Europe Container Service)” members.
The divestment of the operations on the trade between Europe and South Africa by P&O Nedlloyd is part of the commitment from A.P. Moller - Maersk to the European Commission. The two services currently operated between Europe and South Africa in the co-operation agreement between the four lines are planned to remain unchanged with regard to port rotation and capacity.
The participation in this trade is in line with MOL’s strategy to expand further its global liner operations. This acquisition will strengthen MOL’s presence and enhance its competitive position in the African continent where MOL has already established an extensive coverage through its allwater container services to and from Asia, Latin America as well as Europe. MOL Group also operates other specialized fleets including car-carriers and bulkers to and from Africa.
MOL continues to explore opportunities to improve its services and has recently taken significant decisions to invest in new tonnage in order to fully accommodate the ever-diversifying needs of its customers. This acquisition reinforces MOL’s commitment to provide added value and choice for its customers in this region.
The divestment agreement now entered is subject to required regulatory approvals.
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