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Samskip to acquire Nor Lines

Publication date: 2017-07-31

Tags: maritime, world, lng

Samskip to acquire Nor Lines

The deal, subject to approval by the Norwegian competition authorities, will see Samskip taking over Nor Lines' terminal, warehousing, and sea shipping activities.

Out of Nor Lines' fleet of seven multipurpose ships, five (incl. the LNG-driven Kvitnos and Kvitbjørn) will be transferred to Samskip under a time charter agreement.

Post-acquisition, activities will continue to be run under the Nor Lines brand.

"We are pleased to complete our divestment of Nor Lines and entrust the business to Samskip, in a strategic solution for a specialized business that needs to be part of a larger structure to develop and thrive. We believe that Samskip will be a good home for Nor Lines, and a good solution for our employees and customers," Ingvald Løyning, Chief Executive of DSD (owner of Nor Lines), said.

Ásbjörn Gíslason, CEO, Samskip Logistics, added, "It is a natural but significant extension of our shipping and logistics activities in Norway which will further broaden our customer offerings. Nor Lines’ financial performance has been disappointing in recent years, but we are confident that by combining our respective strengths and refocusing the business we will create synergies, improve efficiency and provide customers with enhanced services."

Kvitbjørn LNG-run multipurpose vessel of Nor Lines (photo: Samskip)

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