Maersk sniffs acquisitions, buying Hapag-Lloyd not discounted

DENMARK's Maersk Line seeks greater market share to weather the recession despite services reduction, rates decreases and layups, it will consider acquisitions to grow its 15.8 per cent market share, according to Paris-based AXS-Alphaliner.

A likely bid for the fifth largest carrier of Hapag-Lloyd is not discounted by Maersk chief executive Eivind Kolding, said a report in Newark's Journal of Commerce report.

While such a purchase would increase Maersk's container shipping market share to 19.6 per cent, German logistics billionaire, Klaus-Michael Kuehne, a shareholder of the Hamburg-based investor group who bought Hapag-Lloyd from German tourism group TUI AG in September, has no plans to sell his 25.1 per cent stake in Hapag.

Source: Shipping Gazette