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Samskip mounts Viking invasion
[ July 28, 2017 // Chris ]Intermodal operator Samskip is to take over Norway-based transport and shipping company Nor Lines.
Subject to approval by Norway’s competition authorities, Samskip has agreed with the DSD Group to acquire the activities of Nor Lines, which generate an average annual turnover of €110 million.
Stavanger-based Nor Lines runs domestic and international including terminals, warehousing and haulage 170 employees, based in 14 locations throughout Norway. Five of its seven multi-purpose vessels, which maintain services between Norway and continental Europe and aklong the Norwegian coast will be transferred under a time charter arrangement to Samskip. Samskip will maintain the Nor Lines brand name.
Samskip said the move would increase its presence in Norway, a market in which it has already become significantly stronger through internal growth and other acquisitions. It now transports around 90,000teu between Norway and Northern Europe, which it aims to further increase through the Nor Lines acquisition.
Its cold store and terminal in Aalesund serves an important hub in both Samskip’s container system and Nor Lines vessel system. Samskip also owns a 50% share in Bergen based Silver Sea AS, which operates a fleet of 14 reefer vessels. Samskip’s combined annual turnover after the Nor Lines takeover will make it a major player in the market.
Samskip Logistics chief executive, Ásbjörn Gíslason, said: “The Nor Lines takeover represents a major opportunity for Samskip. It is a natural but significant extension of our shipping and logistics activities in Norway which will further broaden our customer offerings. Nor Lines’ financial performance has been disappointing in recent years, but we are confident that by combining our respective strengths and refocusing the business we will create synergies, improve efficiency and provide customers with enhanced services.”
DSD chief executive, Ingvald Løyning, added: “We believe that Samskip will be a good home for Nor Lines, and a good solution for our employees and customers.”
