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Hamburg Sud buys Chile's CCNI pending regulatory approval

GERMANY's Hamburg Sud has entered into a long-expected purchase agreement for Chilean shipping line CCNI (Compania Chilena De Navigacion Interocea) for an undisclosed sum.

Hamburg Sud buys Chile's CCNI pending regulatory approval

GERMANY's Hamburg Sud has entered into a long-expected purchase agreement for Chilean shipping line CCNI (Compania Chilena De Navigacion Interocea) for an undisclosed sum.

Hamburg Sud buys Chile's CCNI pending regulatory approval
24 February 2015 - 23:03

Hamburg Sud buys Chile's CCNI pending regulatory approval

GERMANY's Hamburg Sud has entered into a long-expected purchase agreement for Chilean shipping line CCNI (Compania Chilena De Navigacion Interocea) for an undisclosed sum.

The takeover includes the general agency functions of Agunsa Agencias Universales on behalf of CCNI, reported IHS Maritime 360. The business generated US$750 million in revenues last year.

The transaction is expected to close by April pending approval by antitrust authorities, said Hamburg Sud, adding that the CCNI brand would continue.

Hamburg Sud expected to make the purchase before the end of last year at which time CCNI disclosed that the German shipping line offered $160 million.

Hamburg Sud spokeswoman Eva Graumann told IHS Maritime that Hamburg Sud will take over 750 employees from CCNI and Agunsa across South and Central America, Europe and Asia, 15 period charter contracts for vessels with intakes of 1,000-9,000 TEU and 60,000 actual boxes. 

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