Business Services Industry
Merger Would Combine Two Major Shippers Serving Two Norfolk, Va..
Knight Ridder/Tribune Business News, July, 1999 by Dinsmore, Christopher
Knight Ridder/Tribune Business News
Jul. 23 -- Two of the largest shipping lines serving the port of Hampton Roads are merging.
In a deal announced Thursday, A.P. Moller Group, parent of Maersk Line, the world's No.1 carrier, has agreed to buy the international shipping operations of Sea-Land Service Inc., the world's No.7 line, for $800 million. Sea-Land is owned by Richmond-based CSX Corp.
The companies called the purchase "a natural development" from the two lines' close partnership, which began in 1995. Maersk will acquire most of Sea-Land's fleet of container ships and 18 marine cargo terminals worldwide, including one in Portsmouth.
Vessels from both lines use that terminal, and Maersk also uses the adjacent Portsmouth Marine...
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