Maersk exits! Is the car carrier industry ushering in consolidation?

Maersk exits! Is the car carrier industry ushering in consolidation?

Vessels Value forecasts that car carrier earnings are likely to hit new highs in 2024, and Maersk’s exit from Hoegh Autoliners (Enoy Line) will create opportunities for consolidation in the industry.
Vessels Value pointed out in a new analysis report that Maersk's sale of all its shares in Leno Line will bring opportunities for further development of the industry. It is expected that the freight rate of car carriers will further rise to US$150,000/year in the next year. Above the sky.

At the same time, the merger will also help address new challenges emerging in the market.

Vessels Value senior business analyst Andrea de Luca said consolidation among European shipowners is expected in the coming years as the car carrier market changes. The merger specifically refers to Italy's Grimaldi, which is the world's largest ro-ro and car carrier company, with a total fleet value of US$10.8 billion including newbuilding orders.

Maersk's exit from Lennox presents a great opportunity for competitors like Grimaldi, who have the capital and we believe shareholders will listen to their ideas. ” wrote the analyst, who previously worked at Grimaldi as a commercial and operational logistics manager.

Another competitor, Norway's Wallenius Wilhelmsen, is also seen as a suitable candidate to snap up the shares sold by Maersk, but Vessels Value said: "Grimaldi's desire for growth cannot be underestimated. From the perspective of routes and green ship orders, Grimaldi is more suitable. And the time has come.

The Naples-based Grimaldi Group, headed by Emmanuele Grimaldi as CEO, acquired Spanish company NavieraArmas in 2021 and Finnish ferry operator Finnlines in 2016.

However, Vessels Value also emphasized that it is expected that many companies will be interested in acquiring shares of Lennox Shipping. Lennox Shipping is operating well, and the car carrier market may further improve by 2024, and the company's value is expected to further increase.

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