Freight News, Sea

CSAV-Hapag merger gains EU approval

[ September 12, 2014   //   ]

The European Union has approved South American shipping line CSAV’s merger with Germany’s Hapag Lloyd. The two lines signed a binding business combination agreement in April. The Department of Justice of the US had cleared the planned transaction but approvals in a few other jurisdictions are still pending. The merger will create the fourth largest container shipping company in the world, with 200 vessels, an annual transport volume of 7.5 million TEU and a combined turnover of about €9 billion.

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