Wilhelmsen, Wallenius Merge to Form New Shipping Platform

Image Courtesy:Wilh. Wilhelmsen

Norwegian rolling cargo shipping specialist Wilh. Wilhelmsen Holding (WWH) and Norwegian/Swedish shipping company Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments.

Under the letter of intent, the parties will combine their ownership in the jointly owned entities Wallenius Wilhelmsen Logistics (jointly owned 100%), EUKOR Car Carriers (jointly owned 80%) and American Roll-on Roll-off Carrier (jointly owned 100%) in a new entity to be named Wallenius Wilhelmsen Logistics ASA.

Furthermore, the parties have agreed to merge the ownership of the majority of their vessels and affected assets and liabilities.

“In addition to establishing a common owner and governance structure, the proposed merger is expected to enable synergies between USD 50-100 million by combining the assets and harvesting economies of scale, including more optimal tonnage planning, and administrative, commercial and operational efficiencies between the entities,” Jan Eyvin Wang, president and CEO of Wilh. Wilhelmsen ASA, said.

Wallenius Wilhelmsen Logistics ASA will be based on the existing listing of Wilh. Wilhelmsen ASA and continue to be listed on the Oslo Stock Exchange.

When the transaction is completed, Wilh. Wilhelmsen Holding ASA and Wallenius Lines AB will have equal ownership in the new entity and plan to own approximately 40% each. The final terms and ownership level will be confirmed within year-end, the companies said.

The proposed transaction is expected to close within in the first quarter of 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Shipping2030 Asia

This year Shipping2030 Asia will take place with Global Liner Shipping conference, offering attendees unique access to networking with the container shipping industry…

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >