Swedish Viking Supply Ships’ subsidiary TransAtlantic has agreed to offload its container operation to Singapore-based X-Press Feeders.
Additionally, in a separate transaction, the company will divest its ship management operations to Sweden-based ship operator AtoB@C.
Under the terms of the agreement, X-Press Feeders will acquire the container operations including TransFeeder North Line, TransBothnia Container Line and TransFeeder South Line, besides the forwarding business and 15 onshore employees for approximately £3.1m.
The transaction is expected to close next month.
Upon completion of the deal, X-Press Feeders will retain its operations under the TransAtlantic Container label.
TransAtlantic AB CEO Helene Mellquist said: “We believe that X-Press Feeders is ideally positioned to take the strong market position of the container operations forward.
“With a global reach they will have the capability to develop the logistics solutions further to follow the customers’ future needs, where scale is increasingly important.”
X-Press Feeders is the largest independent common carrier of containers in the world with a fleet of more than 70 chartered and 21 owned vessels that operates from the world’s major transhipment hubs.
On completion of the transaction, AtoB@C Shipping AB will acquire the ship management operations of TransAtlantic Ship Management, comprising of 16 onshore and 230 offshore employees.
However, AtoB@C Shipping will retain TransAtlantic’s operation in Gothenburg but it will be rechristened as GoTa Ship Management.
Based in Gothenburg with a local sales office in Helsinki, TransAtlantic is commercially represented in Rotterdam, Bremen and Tallinn.
TransAtlantic’s fleet consists of ice classed container, RoRo and general cargo vessels.