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TransAtlantic sells container operations to X-Press Feeders for US$3.3m
TRANSATLANTIC, a subsidiary of Sweden's Viking Supply Ships, is selling its container operations to X-Press Feeders for EUR3.1 million (US$3.34 million).
The container operations to be sold consist of TransFeeder North Line, TransBothnia Container Line and TransFeeder South Line, including the forwarding business and 15 onshore employees, according to Singapore's Splash24/7.
The annual turnover of these businesses is approximately SEK420 million ($48.26 million) amounting to annual container volumes of around 105,000 TEU. The transaction is expected to close at the beginning of December. X-Press Feeders will continue to conduct the business under the brand TransAtlantic Container.
"We believe that X-Press Feeders is ideally positioned to take the strong market position of the container operations forward. With a global reach they will have the capability to develop the logistic solutions further to follow the customers' future needs, where scale is increasingly important, "said CEO of TransAtlantic, Helene Mellquist.
Privately held X-Press Feeders is the largest independent common carrier of containers in the world, providing a wide geographic coverage. The fleet of over 70 chartered and 21 owned vessels operates from all the major global transhipment hubs. It has an annual throughput in excess of 4 million TEU.
"X-Press Feeders is pleased to have come across such an experienced team in these specialist trades, who will bring much knowledge of the Scandinavian region and the customer requirements, and will help deliver further anticipated network growth together", said CEO of X-Press Feeders, Tristan Howitt.
TransAtlantic has also reached an agreement to sell its shipmanagement business to AtoB@C. The shipmanagement operations, TransAtlantic Ship Management, consist of 16 onshore and 230 offshore employees. The annual revenue is about SEK17 million.
"The purchase price is at market terms and the transaction is expected to be closed in the beginning of December," TransAtlantic said in a release. The operation will remain in Gothenburg and be renamed GoTa Ship Management.
AtoB@C Shipping is a private shipowning company founded in 2000. The head office is in Ystad, Sweden. The company operates a fleet of 30 ice classed, multipurpose vessels operating in Europe.
The container operations to be sold consist of TransFeeder North Line, TransBothnia Container Line and TransFeeder South Line, including the forwarding business and 15 onshore employees, according to Singapore's Splash24/7.
The annual turnover of these businesses is approximately SEK420 million ($48.26 million) amounting to annual container volumes of around 105,000 TEU. The transaction is expected to close at the beginning of December. X-Press Feeders will continue to conduct the business under the brand TransAtlantic Container.
"We believe that X-Press Feeders is ideally positioned to take the strong market position of the container operations forward. With a global reach they will have the capability to develop the logistic solutions further to follow the customers' future needs, where scale is increasingly important, "said CEO of TransAtlantic, Helene Mellquist.
Privately held X-Press Feeders is the largest independent common carrier of containers in the world, providing a wide geographic coverage. The fleet of over 70 chartered and 21 owned vessels operates from all the major global transhipment hubs. It has an annual throughput in excess of 4 million TEU.
"X-Press Feeders is pleased to have come across such an experienced team in these specialist trades, who will bring much knowledge of the Scandinavian region and the customer requirements, and will help deliver further anticipated network growth together", said CEO of X-Press Feeders, Tristan Howitt.
TransAtlantic has also reached an agreement to sell its shipmanagement business to AtoB@C. The shipmanagement operations, TransAtlantic Ship Management, consist of 16 onshore and 230 offshore employees. The annual revenue is about SEK17 million.
"The purchase price is at market terms and the transaction is expected to be closed in the beginning of December," TransAtlantic said in a release. The operation will remain in Gothenburg and be renamed GoTa Ship Management.
AtoB@C Shipping is a private shipowning company founded in 2000. The head office is in Ystad, Sweden. The company operates a fleet of 30 ice classed, multipurpose vessels operating in Europe.
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