Nordstjernan Restructuring – Sells Laser Line

Norwegian industrial conglomerate Nordstjernan has sold its Swedish subsidiary Laser Line to the German shipping concern Hamburg Sud, part of the Oetker Group. No price terms have been released for the deal, still subject to the approval of the Swedish and German authorities, although Nordstjernan indicated that the sale will generate a capital gain of approximately Kr100m ($14.5m).

Laser Lines has been involved in liner traffic between Northern Europe and South America for more than 75 years, and currently operates five modern container ro/ro ships. In 1990, the company’s operating profit after depreciation was more than halved from Kr25.4m to just over Kr10m, mainly due to a downturn in traffic volume on the Laser Rosa service between Northern Europe and South America. The wholly owned Brazilian subsidiary Transnord was also hit by difficult economic conditions in Brazil at the start of the year.

Commenting on the sale, Laser chairman Rune E. Smedman told Marine Money, “The sale is part of a restructuring program, but is also aimed at developing new markets for Laser Lines. At present, the liner company is dependent on Nordic and Scandinavian cargoes for southbound traffic. Under the ownership of Hamburg Sud, the company will have access to wider European markets, and will have a better chance of expanding its market share.”

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