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European Shortsea Consolidation Underway
01 Oct 2005
Icelandic shipping to logistics company Samskip is set to acquire established shortsea operator Seawheel . The two companies have announced that due diligence procedures have been completed and they await final approval from regulatory authorities.
Samskip recently acquired the shortsea intermodal operator Geest North Sea Line with the intention of combining the Dutch company's North Continent/UK/ Ireland/Spain service network with its own North Continent/ Scandinavia/Baltic Sea services.
Now Seawheel's operations will also be merged into this system, expanding further what may be Europe's most comprehensive shortsea container shipping network.
Samskip CEO Michael F Hassing said, 'By acquiring a major shortsea intermodal operator like Seawheel, we will be able to achieve significant economies of scale, reducing costs whilst offering greater port coverage and sailing frequency to the benefit of our customers.
With our expanding network, we are convinced that we will be able to attract more freight off roads and onto an intermodal system that combines shortsea, rail and inland waterways. This has many environmental benefits.'
MJ Information No: 21147
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