Tanker Rates Skyrocket To Fill Colonial Pipeline Shortages
By Elizabeth Low (Bloomberg) Oil tanker charter rates skyrocketed in the U.S. with refiners scrambling for ships to store fuel that has nowhere to go due to a cyberattack on...
BRUSSELS, Feb 21 (Reuters) – EU antitrust regulators will decide by March 27 whether to clear world No. 1 shipping company Maersk Line’s bid for German rival Hamburg Sud, its first major deal for more than a decade.
The deal, one of several in a sector seeking consolidation to offset low freight rates and oversupply, was filed to the European Commission on Feb. 20, according to the EU executive’s website on Tuesday.
The EU competition enforcer can extend its review by about two weeks if Maersk offers concessions to address regulatory concerns, or it can open a five-month investigation.
Copenhagen-based Maersk may have to pull out from some shipping alliances to gain EU approval, following in the footsteps of rivals, which offered such concessions to regulators in recent deals.
Maersk, with a fleet of more than 600 ships, would boost its presence in global trade and in Latin America following the takeover of Hamburg Sud. (Reporting by Foo Yun Chee, editing by Louise Heavens)
(c) Copyright Thomson Reuters 2017.
Join the 68,606 members that receive our newsletter.
Have a news tip? Let us know.