This month has seen further evidence of consolidation, at both the shipping, terminal operations and equipment supply levels. The announcement that six ocean carriers (and possibly two more) have formed “The Alliance” leaves the industry with three main carrier groupings that could bring some stability to the liner business (see p23).
On the terminal operating side, Turkey-headquartered Yildirim Group is trying to put together a deal with an institutional investor to purchase Oaktree Capital Management’s majority stake in Ports America (held by Oaktree subsidiary Highstar Capital), as discussed on p45.
On the equipment side of the industry, Konecranes and Terex this month announced that they had reached a deal to abandon their “merger of equals” in favour of a new arrangement for Konecranes to purchase the Terex Material Handling and Port Solutions (MHPS) business unit.
China’s Zoomlion still had a chance to scupper this arrangement if it reached a deal to acquire the whole of Terex Corp by 31 May. However, as this issue was going to press, Zoomlion
announced that it could not reach a deal with Terex, and was terminating the proposed acquisition. In the opinion of WorldCargo News, though there are some overlapping product lines to address, this is a better result for the ports industry as a whole (see p6.
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This complete item is approximately 250 words in length, and appeared in the May 2016 issue of WorldCargo News, on page 1. To access this issue download the PDF here.
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