SAFMARINE BUYS OUTSTANDING SHARES IN SAFBANK
Antwerp-headquartered Safmarine said that it will acquire the 25-percent share it did not already own in SafBank Line Ltd. from U.K.-based Andrew Weir Shipping on Nov. 30.
Safmarine said that it will continue to operate, unchanged, the North America/southern Africa and North America/Australasia liner services of SafBank, after it has taken full control of the company.
The takeover marks the end of a long cooperation between Safmarine and Bank Line, a sister company of Andrew Weir Shipping, since the SafBank joint venture was created in 1988.
Safmarine has filed a notice about the change with the U.S. Federal Maritime Commission.
It is expected that SafBank’s services will be renamed Safmarine.
SafBank runs a weekly direct container service between the U.S. and southern Africa in cooperation with its sister company Maersk Sealand, and with Mediterranean Shipping Co.
