MARAD APPROVES TRANSFER OF SEA-LAND SHIPS TO MAERSK
The U.S. Maritime Administration has approved the transfer of agreements
covering the operation of 15 containerships from Sea-Land Service Inc. to a newly formed
company established by Maersk Lines to operate the vessels with U.S. crews under the U.S.
MarAd’s approval paves the way for the two companies to wrap up the
$800-million sale of Sea-Land’s international liner services to Maersk, announced last
summer. Finalization of the deal is expected soon and could come as early as today.
Under MarAd’s approval order, U.S. Ship Management, an independent
company established by Maersk, will time charter the 15 vessels to Maersk. In addition to
the 15 vessels covered by the Maritime Security Program, U.S. Ship Management will operate
four other ships now operated by Sea-Land. The ships will continue to participate in the
Voluntary Intermodal Sealift Agreement program.
Maersk already has four U.S. flag ships enrolled in MarAd’s Maritime
"Maersk has strongly committed its entire global intermodal network to
the U.S. for use in times of national emergency," said Maritime
Administrator Clyde Hart Jr.
The proposed transactions were "carefully reviewed" by MarAd, Hart
said, and it was determined that the arrangements did not convey control over the vessels
to a foreign entity.