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Samskip to buy Nor Lines

ROTTERDAM: July 25, 2017. Multimode logistics services company Samskip is to acquire Nor Lines from the DSD Group to expand its shipping, transport and logistics business in Norway.

Terms of the deal were not disclosed and are subject to approval by the country's regulators.

Nor Lines 2With an annual turnover of €110 million, Nor Lines operates terminals, road haulage, warehousing and seven multi-purpose vessels - including two Rolls Royce Marine-designed LNG-powered RoRo units that were delivered in 2015.

The vessels eliminate NOx emissions, minimize SOx emissions and, in per ton/km terms, produce 70 percent lower CO2 emissions than the equivalent truck freight move. Overall, they are 65 percent more energy-efficient than a ship running on conventional marine fuel said an "extremely pleased" Samskip.

"The Nor Lines takeover represents a major opportunity," explained Samskip Logistics CEO Ásbjörn Gíslason. "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," he continued.

Samskip already transports 90,000 TEU a year between Norway and Northern Europe, a number it expects to rise with the acquisition of Nor Lines. The company also owns and operates the 'frigoCare' cold store and terminal in Aalesund, Norway that serves as a hub for both Samskip's container system and Nor Lines vessel system.

With a 50 percent share in Bergen-based Silver Sea and its fleet of 14 reefer vessels, Samskip said its combined annual turnover after the Nor Lines takeover would make it "a major player" in the regional market.

DSD Group  chief executive Ingvald Løyning said the Nor Lines purchase was a good solution for its employees and customers as it needed "to be part of a larger structure to develop and thrive."

Founded in 1855, the DSD Group is based in Stavanger and operates four lines of business: oil tankers (DSD Shipping), RoRo (Nor Lines), ferry and express boat services (Norled) and bus transportation (Tide).

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