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Alphaliner questions Hapag-Lloyd acquisition

German Hapag-Lloyd's acquisition of much smaller container carrier CSAV may have been a bad investment, as a big part of CSAV's value consists of goodwill and immaterial assets, says Alphaliner in a new analysis.

Photo: Hapag-Lloyd

The world's fourth-largest container carrier is called Hapag-Lloyd following the German carrier's acquisition of Chilean CSAV on December 2nd. But how sound was the investment, asks Alphaliner in a new analysis.

"CSAV's container shipping business was valued at EUR 1,216 million by Hapag-Lloyd, consisting mainly of intangible assets and goodwill elements. Net assets acquired were booked at EUR 439 million, but fair value adjustments for the diminished value of CSAV’s vessel fleet and unfavorable vessel charter and container leasing contracts would completely wipe out the value of the tangible assets acquired," says Alphaliner.

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