Mergers and takeovers are increasing in the container shipping arena, according to industry consultant, Drewry.
The company reports that following a turbulent few years that included a close shave with bankruptcy, a revolving cast of CEO’s and an anti-trust investigation, US Jones Act carrier Horizon Lines has called it a day and is selling up.
Subject to regulatory and shareholder approval, the company is selling its Hawaii operations for US$141.5m to the Pasha Group, which will augment its existing roll-on/roll-off operations between the US mainland and Hawaii. Also going is Horizon’s Puerto Rico services, which are being sold to Matson for US$69.2m.
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