Page 10: of Maritime Reporter Magazine (October 1996)

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With its unique characteristics — and characters — the maritime industry has always marched to the beat of its own drummer in the business world. However, the proliferation of recent high-profile mergers has the industry mirroring company-consolidating, employee- eliminating Wall Street corporate mavens, challenged to find the most efficient means to compete in the ever-changing global market- place.

The consolidation of the maritime market is, by no means, a new occurrence. Shipyards and equipment suppliers of all sizes, worldwide, have been faced with declining military and government work, hence increased competition for commercial newbuild and repair business.

As a result, the number of strategic and tech- nological collaborations — and bankruptcies — has mushroomed in recent years.

On the vessel operation front, larger compa- nies have sought to get larger, while smaller competitors have, in general, fought to survive.

Again, mergers, acquisitions and strategic alliances to ensure vessels sail in the most eco- nomical manner have been the norm rather than the exception.

The containership market has led the way, by many counts, in this transportation transfor- mation, as the emergence of the global "hub and spoke" system has spurred a number of mergers and acquisitions. The latest announcements heralded the formation of the new, fourth-largest containership carrier in the world.

One + One = One?

Perhaps the most interesting collaboration recently announced was that of P&O and

Nedlloyd. The two companies recently signed a memorandum of understanding which, in effect, creates the fourth largest container ship- ping company in the world.

The agreement was for the merger of the com- panies' container businesses to form a major new European company, to be dubbed P&O

Nedlloyd Container Line (P&O Nedlloyd).

The new company will have a combined turnover of approximately $4 billion and a net asset value of $1.5 billion. "For some time now I have been convinced that the best way forward in the container shipping industry is through consolidation and rationalization internationally," said Lord

Sterling, executive chairman of P&O.

While some analysts have questioned the logic of such an arrangement, James R.

McCaul, president of Washington, D.C.-based

International Maritime Associates said: "Shares in P&O Nedlloyd will be held 50 per- cent each by P&O and Nedlloyd, with Nedlloyd making a balancing payment of $175 million to

P&O to equalize the shareholdings. The new

U.K. company will be based in London, with fleet management in Rotterdam. It is to begin operation as soon as possible, but no later than 12 Circle 296 on Reader Service Card

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