X-Press Feeders Buys TransAtlantic AB
X-Press Feeders announced the purchase today of TransAtlantic AB, a subsidiary of Swedish supply vessel operator Viking Supply Ships. X-Press is the largest independent common carrier in the world, with 90 container feeder vessels in its fleet and offices in Singapore, Hamburg, Barcelona, Dubai, Bombay and Panama.
The container operations to be sold consist of TransFeeder North Line, TransBothnia Container Line and TransFeeder South Line, with annual container volume of approximately 105,000 TEUs. The transaction is expected to close in the beginning of December 2015. X-Press Feeders will continue to conduct the business under the brand TransAtlantic Container.
“We believe that X-Press Feeders is ideally positioned to take the strong market position of the container operations forward . . . [to] follow the customers’ future needs, where scale is increasingly important,” said TransAtlantic CEO Heléne Mellquist.
"X-Press Feeders is pleased to have come across such an experienced team . . . who will bring much knowledge of the Scandinavian region," said Tristan Howitt, CEO of X-Press Feeders.
The announcement comes amidst widespread news of consolidation in the container industry, including an statement November 9 by Maersk CEO Soren Skou that he expected the pace of dealmaking to speed up.
Viking Supply also announced the divestment of TransAtlantic Ship Management to Swedish firm AtoB@C. The new company will be called GoTa Ship Management.