Samskip to sell 50% share in Teco Lines to partner Tschudi
Norwegian shipping group Tschudi Shipping Co. will gain full control of European short-sea operator Teco Lines after agreeing to buy the outstanding 50 percent shareholding from its joint-venture partner Samskip. No financial details were disclosed.
Teco Lines is based in Tallinn, Estonia and offers service between the North and Baltic Seas.
“After joint ownership of Teco Lines for three years, Samskip and Tschudi Shipping have agreed that Teco Lines will be best suited for further development under one owner,” Iceland’s Samskip said in a joint statement.
Teco Lines will continue to cooperate with Samskip via joint agency agreements across Europe, but will establish its own representations in the Benelux region by the end of this year.
Samskip to sell 50% share in Teco Lines to partner Tschudi
