More takeovers expected in the shipping industry, says Hapag-Lloyd CEO
More takeovers are expected in the shipping industry, said CEO of German Hapag-Lloyd, Rolf Habben Jansen in an interview in Hamburg, Het Financieele Dagblad reported.
Suspension of payments by South Korean company Hanjin will consolidate the sector, said Habben Jansen. He expects many companies to consider collaboration.
Structural overcapacity and decreasing exports from China have led to several mergers and acquisitions in the world wide sea transportation sector, the report added.
According to the report, Hapag-Lloyd, like its competitors, is considering taking over some of Hanjin's ships. Habben Jansen said Hapag-Lloyd does not want its capacity to grow faster than the market, which it expects will grow 2%-3% this year.