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    Alphaliner Newsletter No 18 - 2017

    Uploaded by

    Manuel Carlier de Lavalle

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Alphaliner Newsletter No 18 - 2017

    Uploaded by

    Manuel Carlier de Lavalle
    19 views1 page

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    Alphaliner Newsletter no 18 - 2017

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    19 views1 page

    Alphaliner Newsletter No 18 - 2017

    Uploaded by

    Manuel Carlier de Lavalle

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    The newsletter is available upon subscription. Please contact commercial@alphaliner.com for subscription enquiries.

    ALPHALINER Volume 2017 Issue 18


    26.04.2017 to 02.05.2017
    Weekly Newsletter
    Web: www.alphaliner.com | E-mail: editor@alphaliner.com | Sales: commercial@alphaliner.com

    The Alphaliner Weekly Newsletter is distributed every Tuesday. Information is given in good faith but without guarantee. Alphaliner does not accept any liability for any errors or omission
    or opinion. Please send your feedback, comments and questions to editor@alphaliner.com. Unauthorized redistribution of the newsletter is prohibited and readers are requested to quote
    ‘Alphaliner’ as source for all data derived from the newsletter. Please refer to full user terms and copyrights at www.alphaliner.com/terms_of_use.php

    Chart of the week


    Comparison of acquisition prices of various container carriers : 2014-2017
    Enterprise Value in US$ Billions
    Capacity Operated by acquired carriers $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0
    2009-2017
    CSCL
    APL Maersk to pay €3.7 Bn in all-cash deal
    Hamburg Süd Hamburg Süd (to close by end 2017)
    800 UASC
    Capacity Operated in TEU Thousands

    CSAV Hapag-Lloyd to issue 45.9 M in new shares and takes on


    700 CCNI UASC net debt of ~$3.46 Bn (to close end May 2017)
    600
    CSCL COSCO paid RMB 1.27 Bn to acquire CSCL’s agency network
    500 - Ships and container assets not transferred (closed in Feb 2016)

    400 CMA CGM paid $2.46 Bn in cash and takes on net debt of $2.70 Bn
    APL (NOL) (closed in Jun 2016)
    300
    200 CCNI Hamburg Süd paid $160 M (closed in Mar 2015)
    100
    Hapag-Lloyd issued new shares estimated at $1.53 Bn and takes on
    0 CSAV net debt of $577 M (closed in Dec 2014)
    2009
    2009
    2010
    2011
    2012
    2013
    2014
    2015
    2016
    2017

    ALPHALINER Equity Value US$ Bn Net Debt US$ Bn

    Maersk secures Hamburg Süd deal for €3.7 Bn


    Maersk’s proposed acquisition of Hamburg Süd, first announced on 1 Decem-
    INSIDE THIS ISSUE: ber 2016, has been approved by both companies’ boards. In a statement re-
    Maersk to pay €3.7
    3.7 Bn to acquire Ham- 1 leased on 28 April 2017, Maersk said that it will pay €3.7 Bn in cash to acquire
    burg Süd
    S d Hamburg Süd from the Oetker Group on a debt-free basis, in relation to the sale
    Corporate Updates 3
    Japanese carriers’ liner operations re-
    and purchase agreement signed on 14 March. The acquisition is subject to
    main in the red regulatory approvals and is expected to close before the end of 2017.
    Rising freight rates may not be enough
    to lift OOCL
    Service Updates 5 The price paid by Maersk for Hamburg Süd (about $4.0 Bn in enterprise value)
    OCEAN Alliance Europe services trigger is lower than the valuation of UASC by Hapag-Lloyd (worth about $4.8 Bn in a
    feeder services revisions
    PIL adds second SE Asia-Australia con- non-cash business combination agreement expected to be completed by the
    nection
    K Line revised its SE Asia-Australia ser- end of May 2017) and the price paid by CMA CGM for NOL/APL ($2.46 Bn cash
    vices offer with $2.70 Bn of net debt that was completed in June 2016).
    Maersk Line reshuffles West Africa relay
    services
    MSC to close ‘Angola Express’ service Maersk did not disclose details of Hamburg Süd’s earnings, but it expects to
    SM Line to offer Korea-China-Malaysia
    weekly service realise operational synergies of $350-400 M annually, compared to estimated
    GSL, OOCL and ESL introduce a Thailand
    and Indonesia butterfly service
    synergies of $435 M that Hapag-Lloyd expects to derive from its merger with
    X-Press Feeders extends its coverage to UASC and $500 M that CMA CGM says it will deliver from the APL acquisition.
    Japan

    Deliveries/Vessel Updates 10 Following the completion of the deal, Hamburg Süd is expected to retain its own
    April deliveries separate structure and brands (including Aliança and CCNI). However, Maersk
    Strong month of new ship deliveries see
    18 new containerships for 127,396 will have to give up some market share to comply with the European Commis-
    teu handed over to their owners
    sion’s decision announced on 10 April that cleared the deal subject to the with-
    Port and Terminal Updates 14
    drawal of Hamburg Süd from five vessel sharing consortia agreements. Maersk
    is also expected to sell its Brazilian cabotage arm Mercosul Line as a conces-
    sion to obtain the approval from Brazilian antitrust regulators.

    ** The full newsletter is available by subscription. Please contact data@alphaliner.com **

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