First Romance, Then Marriage

In February 2007, the A.P. Moller – Maersk Group (“APM”) entered into a co-operation agreement with Hoegh Autoliners (“HAL”) whereby APM entered its fleet of twelve car carriers into a commercial operation controlled by HAL. Yesterday, the companies took the next step and jointly announced that APM has sold its 18 car carriers, including six newbuildings, to HAL in exchange for a 37.5% shareholding in HAL. The transaction moves APM from being a tonnage provider in the car carrier market to a shareholder in a leading car carrier operator. Leif Hoegh & Co. Limited will retain their position as majority shareholder in the company.

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