Netherlands-based container transport firm Samskip has agreed to purchase the activities of Norwegian shipping company Nor Lines from its owner DSD Group.
Samskip aims to expand its shipping, transport and logistics businesses in Norway with new the deal.
The financial details of the agreement have not been disclosed.
The proposed deal is subject to approval by Norway's competition authorities, and includes Nor Lines’ terminal activities across Norway, as well as its warehousing and haulage services.
Five of Nor Lines' seven multi-purpose vessels are set to be transferred to Samskip under a time charter arrangement.
Nor Lines’ 170 employees, based in 14 locations across Norway, will also join Samskip as part of the agreement. Nor Lines’ activities will continue to operate under the original brand name following the deal's completion.
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Samskip Logistics CEO Ásbjörn Gíslason said: “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.”
Samskip currently transports around 90,000 twenty-foot equivalent units (TEU) of cargo between Norway and Northern Europe annually, and the volume is expected to increase following the acquisition of Nor Lines.
Samskip’s frigoCare cold store and terminal in Aalesund, Norway, serves an important hub for both the company’s own container system and the Nor Lines vessels.
Samskip also announced plans in May to make an additional investment in unitised reefer capacity in order to expand the company's growth in the North Atlantic region.
Image: A Samskip vessel. Photo: courtesy of Samskip Holding BV.