January 30, 2008
A.P. Moller-Maersk takes stake in Hoegh Autoliners
The A.P. Moller - Maersk Group has sold its 18 car carriers (including six newbuildings) to Hoegh Autoliners and will simultaneously become a shareholder with a 37.5 ownership.
In February 2007 the parties signed a cooperation agreement that saw the A.P. Moller - Maersk Group enter its fleet of car carriers into a commercial operation controlled by Hoegh Autoliners.
A.P. Moller - Maersk says the sale will move it from being an owner of car carrier tonnage to a shareholder in Hoegh Autoliners, which is a car carrier operator.
After the transaction Hoegh Autoliners will commercially operate 67 vessels from its offices in Oslo and 30 locations world-wide.
The transaction, which is subject to relevant approvals from regulatory authorities, will generate an accounting gain for A.P. Moller - Maersk of around $200 million after tax in 2008 and is not expected to have any additional significant effect on the result for for 2008.