Samskip buys Geest North Sea Line
Reykjavik-based shipping line Samskip hf is acquiring the Dutch intra-Europe shipping and intermodal operator Geest North Sea Line for an undisclosed amount, in a move that will see it become a major player in the continental Europe/U.K./Ireland trades.
Samskip is retaining the Geest North Sea Line brand. Geest will assume responsibility for the combined short sea shipping operations of Samskip and the former Geest. 'sbj'rn G'slason, Samkip’s president, will take over as chairman of Geest from Jacob van Geest. Geest North Sea Line has a 60 percent interest in Geest Ireland Ltd., and a 33 percent share in Coolboxx.
The combined operation will deploy a fleet of more than 20 vessels, ranging from 200 TEUs to more than 900 TEUs. It will offer short sea services encompassing the Baltic Sea, North Sea, Ireland and Iberia while, over Rotterdam, road, rail and inland waterway links will extend the new venture’s coverage to encompass most of mainland Europe south to Italy and eastwards to Austria, Slovakia and the Czech Republic.
Samskip said it expects the acquisition to boost its turnover to euros 500 million ($671 million) with the short sea division accounting for approximately 60 percent of its total turnover.
“We are now in a strong position in the trades linking Iceland, Scandinavia and Baltic Sea ports with the UK and North Continent but we recognized a need to expand our coverage in the highly competitive North Sea arena where intermodal links to inland destinations such as central and southern Germany, Italy and Austria are key,” said Samskip chairman 'lafur 'lafsson.
“Geest North Sea Line is a family-owned company and this could not continue; there were no younger members of the family who relished entering a business that requires major long-term investments and commitments. At the age of 61, I had to address this problem,” van Geest said.