Published by The Maritime Executive
Published by The Maritime Executive Air Freight
Published by The Maritime Executive
Published Dec 5, 2023 3:47 PM by The Maritime Executive
MSC Mediterranean Shipping Company is continuing to move aggressively to expand its operations through strategic acquisitions as well as investments in its fleet. In its latest maneuver, it was revealed that they have made a preliminary proposal and entered into negotiations to acquire Clasquin, a mid-sized international freight forwarder and overseas logistics company based in France.
Clasquin highlights that the transport and logistics market is fragmented with many small, local players and international giants while the shipping companies have consolidated and become more concentrated. The company highlights that it is the only French multinational mid-cap in the market meaning that it has successfully positioned itself between the local players and the global giants. The company has grown rapidly with a network of more than 85 offices in 25 countries.
For more than 40 years, Clasquin highlights it has managed import and export flows, mainly between Western Europe and overseas with a focus on Asia-Pacific and North America. More recently they have developed in the Near and Middle East as well as in Northwest and sub-Saharan Africa. The company has earned the respect of financial analysts with equity research firm Kepler Cheuvrex writing in its reports that the company has carried out a well-executed international expansion while developing niche expertise and vertical markets such as wine and spirits and art shipping.
MSC is rapidly expanding all sectors of its operations including a large new building program and secondhand vessel acquisitions to reach a current capacity of 5.5 million TEU. It has increased from just over 4 million TEU at the beginning of 2022. At the same time, they have expanded air cargo operations, acquired operations in Africa, invested in Italian rail and multimodal operations, and are closing in on completing the acquisition of the port operator in Hamburg, Germany.
The controlling shareholder of Clasquin reports it was approached by MSC’s SAS Shipping Agencies Services subsidiary and has entered into exclusive negotiations. Mr. Yves Revol and his company Olymp, own 42 percent of the equity of Clasquin. He acquired the company in 1982 after working as a sales director at the company and today serves as Executive Chairman.
Revol and Olymp report they received a non-binding offer from SAS which valued the company based on an enterprise value of €325 million. Kepler Cheuvreux in its analysis calls the pricing in line with the industry offer and represents “very attractive multiples,” above the 2024 market values for industry leaders including DSV Group and Kuehne + Nagel.
MSC will now conduct an audit of Clasquin and then finalize its offer adjusting the pricing based on the due diligence. It is anticipated that SAS will finalize the terms of the offer in the first quarter of 2024. Following the acquisition of the controlling shares, SAS would file a tender offer for the remaining shares of Clasquin traded on the EURONEX exchange.
Clasquin reports it will continue to operate under its trade names after the acquisition by the MSC subsidiary.
Published Dec 10, 2023 10:55 PM by The Maritime Executive
Ever since it ended the Black Sea Grain Initiative earlier this year, Russia has been determined to cripple Ukraine’s grain exports, and one of its tactics has been to lay sea mines targeting commercial ships. In recent months, at least three ships have been damaged by mines along the route, and Ukraine says the number could be as high as nine ships. To counter Russia’s covert mine-planting missions, which are aimed at deterring commercial shipping from serving Ukraine's grain export...
Published Dec 10, 2023 10:25 PM by The Maritime Executive
On Saturday night, a French warship shot down two drones over the Red Sea, adding to a growing list of encounters between Western warships and UAVs launched from Yemen. In a statement, the French general staff reported that the frigate Languedoc identified and destroyed "two identified threats" that were "headed straight towards her." The intercepts occured several hours apart, first at 2300 hours local time and then again at 0130 hours Sunday. The encounter occurred about 60 nm off the...
Published Dec 10, 2023 9:22 PM by BASS Software
[By Johannes Hapke, Business Analyst Manager at BASS Software Ltd.] In the complex world of maritime operations, the pursuit of efficiency can be a daunting task. Vessel crew and shore staff are often swamped with paperwork, are forced to rely on different reporting means and struggle to combine effectively information from various sources into one system. Such error-prone methods can fall short of the rapid decision-making required in today's maritime landscape and often result in stressed crew and shore staff...
Published Dec 10, 2023 5:10 PM by The Maritime Executive
The U.S. Coast Guard regularly intercepts Mexican fishermen operating illegally in American waters off the coast of Texas, but a series of busts on Saturday was more serious than usual. Working together with the Texas Parks & Wildlife Department (TPWD), the service intercepted five lanchas and seized more than a ton of illegal catch. “Illegal, unreported, and unregulated fishing depletes our precious natural resources, disrupts our economy and threatens the marine environment,” said Coast Guard Capt. Hans Govertsen, commanding officer,...
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