German container shipper Hamburg Süd announced today it has reached an agreement with Compañía Chilena de Navegación Interoceánica S.A. (CCNI) to acquire their container shipping business. The deal is valued at a total consideration of USD $160 million.
CCNI currently operates 5,500 TEU containerships on a weekly service to Chinese ports as well as 1,700 – 3,500 TEU vessels covering the west coast of North and South America. Additionally, CCNI operates thirty-three vessels of between 6,500 – 8,500 nominal TEUs capacity, which connects with South
Korean ports (Busan), China (Shanghai, Ningbo, Yantian and Shekou), Hong Kong, Singapore, Brazil (Rio de Janeiro, Santos, Río Grande and Itajaí), Uruguay (Montevideo) and Argentina (Buenos Aires).
This acquisition is scheduled to be executed by the latest on December 31, 2014.