Leading shipping companies are engaging in record levels of M&A activity, driven by macro-economic and geo-political events, increasing decarbonisation regulations and improved financial trading performance
Despite disruptions and uncertainties from the Russia-Ukraine war, Israel-Gaza conflict, Red Sea disruptions and more recently changing US tariff policies, the global shipping industry has showcased remarkable resilience. In fact, many shipping companies have experienced improved trading conditions in recent years, with cash being directed towards deleverage of balance sheets alongside engagement in sale and purchase (“S&P”) and corporate M&A activity. Senior management teams are being forced to make long term decisions on where best to deploy surplus capital.
According to Clarksons, during 2024 seaborne trade grew by 5.9% based on tonne-miles, the fastest rate of expansion in 17 years, boosting vessel demand. Meanwhile, trade volumes rose by 2.1% to 12.6bn tonnes. Although 2024 was a positive year for global trade, the first half of 2025 has seen the market softening due to growing levels of uncertainty and consequential risks.
For the analysis presented below, we have concentrated on the top ten largest operators in the major shipping segments (Containers, Dry-Bulk, Tankers and Independent Ship Managers), covering the period from January 2022 to March 2025. For a pre-pandemic comparison, you can read our 2020 report on shipping M&A activity.
Containers
The container segment has arguably seen the largest revival in recent years. However, a large orderbook is likely to weigh heavily on the minds of container shipping companies in years to come. According to Danish Ship Finance, when measured in TEU, the container segment orderbook has reached an all-time high as of May 2025.
The industry leading container lines have all been active in M&A, with the largest companies by fleet size (MSC, CMA-CGM, Maersk) all undertaking notable acquisitions. Based on our research, there is a clear desire to invest in port-side logistics, underlined by recent acquisitions from Maersk and MSC.
Bulk Carriers
Dry bulk operators have endured a relatively challenging market in the last couple of years, encountering suppressed freight rates. The sector is reasonably concentrated with a relatively small number of owners, holding a significant portion of the global fleet. This showcases the benefits of economies of scale in the segment, and will hopefully allow for greater levels of investment in technological advancements and alternative fuels as the market evolves.
The dry bulk sector has seen less M&A activity compared to other segments, with operators focusing on their core shipping activities rather than integrating into supply chains. The most recent notable transaction was the merging of Eagle Bulk and Star Bulk.
Tankers
Like bulk carriers, tanker operators have typically been less active with M&A compared to other shipping segments, with businesses opting not to move into onshore operations given the less diverse nature of the cargo.
Although there has been limited M&A from tanker operators, as they focus more on core shipping activities, there are some large international businesses operating across all shipping segments (including tankers) such as COSCO, CMB.TECH and China Merchants Energy that have been undertaking transactions.
Independent Ship Managers
Private equity has a reasonable presence in this sector, which will drive future M&A activity given the availability of dry-powder funding. Recent activity from OSM Thome, V.Group and Anglo-Eastern suggest there is likely to be future consolidation in the ship management sector as companies seek economies of scale and expansion of service offerings.
The most recent notable transaction in this space was JP Morgan Asset Management’s acquisition of OSM Thome, with Oaktree Capital Management disposing of their shareholding.
Key takeaways
Despite unprecedented levels of global uncertainty, there has been record levels of M&A activity in the shipping sector in recent years.
There is a clear appetite from shipping companies to engage in corporate acquisitions alongside more traditional S&P activity. The increasing decarbonisation agenda is forcing large shipping companies to diversify and adopt new technologies. Equally, the trend of major container lines investing in onshore infrastructure and logistics businesses continues – however, diversification appears to focus on container throughput at its core, supporting core shipping operations.
How we can help
Our Shipping and Transport team is one of the world’s leading advisors to ship owners, operators and marine services businesses. We provide our international maritime clients with a comprehensive range of services including assurance, tax and corporate finance advice.
Please get in touch if you would like to discuss any part of this review or your business challenges or opportunities.
This research is not exhaustive and is only intended to provide an illustration of recent M&A activity.
Key recent corporate M&A that major shipping players have been undertaking
| Operators |
Primary Sector(s) |
Notable Transactions (Consideration) |
BDO Commentary |
| Maersk |
Containers |
LF Logistics Holdings Ltd ($3.8bn)
Pilot Freight Services, Inc. ($1.7bn)
Panama Canal Railway Company (undisclosed)
Martin Bencher (undisclosed)
Svitzer A/S (£1.2bn - disposal)
|
- Maersk have made several large acquisitions in recent years, most notably:
- LF Logistics Holdings in August 2022; consideration of $3.8bn. LF Logistics Holdings is an Asian focussed contract logistics firm with leading fulfilment capabilities. The acquisition added a further 223 warehouses to Maersk’s existing portfolio and provided Maersk with a strong base to expand across the Asia-Pacific region;
- Pilot Freight Services in May 2022, for consideration of $1.7bn. Pilot Freight Services is a US based provider of air, ground and ocean transportation and logistic services;
- Martin Bencher, a project logistics specialist, in January 2023. Their core capability is designing end-to-end project logistics solutions for global clients.
- Panama Canal Railway Company (PCRC) in April 2025. The operator of rail link, connecting the Atlantic Ocean to the Pacific Ocean, which enhances its offering to global customers who require cargo to be moved efficiently between oceans.
- These acquisitions underline how Maersk are expanding eastwards into the Asian market (with LF Logistics), and westwards (with Pilot Freight Services and PCRC).
- Maersk also made a significant disposal during our review period with the spin-off of Svitzer A/S; the large towage owner and operator.
|
| MSC |
Containers and Cruise |
Bollore Africa Logistics South Africa (Pty) Ltd (£4.9bn)
Hamburger Hafen und Logistik AG (£1.4bn)
Italo-Nuovo Trasporto Viaggiatori (£1.4bn)
Mediclinic Group Ltd (£4.2bn)
Gram Car Carriers (£0.6bn)
CK Hutchinson (£16.7bn)
|
- MSC has been active in M&A post-Covid. In December 2022 the group made a £4.9bn acquisition of Bollore SE. This acquisition highlights MSC’s commitment to investing in African supply chains and infrastructure.
- Other notable acquisitions include Hamburger Hafen und Logistik AG, Italo-Nuovo Trasporto Viaggiatori, Mediclinic Group Ltd and Gram Car Carriers. This active pipeline of deals showcases MSC’s willingness to invest and diversify in its logistical supply chains.
- A notable deal - pending completion - is the acquisition of CK Hutchinson for $22.8bn through its port investment arm (TIL). This deal includes strategically important ports including the Panama Canal and Felixstowe.
|
| COSCO |
Containers, Tankers and Bulk Carriers |
Fortune COFCO Co Ltd (£2.5bn)
Shanghai International Port (Group) Co. (£2.3bn)
|
- Notable recent acquisitions including Fortune COFCO in January 2023 and Shanghai International Port in December 2022. Fortune COFCO is a Shanghai-based grain and oil processing company. Shanghai International Port is a company specialising in loading and unloading containers, and allows COSCO to build a global digital supply chain for its customers.
|
| CMA-CGM |
Containers |
Santos Brasil Participacoes SA (£2.1bn)
Altice Media SAS (£1.3bn)
Bollore Logistics SAS (£4.4bn)
|
- The Group have been active within the M&A sector in recent years. A significant transaction was the £4.4bn acquisition in February 2024 of Bollore Logistics SAS; a French headquartered transport and logistics company, offering freight forwarding and port handling, expanding CMA-CGM's logistics capabilities.
- The acquisition of Santos Brasil Participacoes SA completed in April 2025, a Brazil based operator of container terminals.
|
| Star Bulk |
Bulk Carriers |
Eagle Bulk Shipping Inc (£0.8bn)
|
- M&A has slowed recently with only one acquisition since 2018, although it was relatively large; the £0.8bn merger with US-based shipping company (Eagle Bulk Shipping).
|
| China Merchants Energy |
Tankers and Bulk Carriers |
Sinotrans Container Lines Co Limited ($144m)
|
- The Chinese shipping company has recently expanded its dry bulk fleet with numerous acquisitions like Sinotrans Shipping.
- More recently, they acquired CM Energy Tech Company, which is engaged in onshore and offshore drilling rigs in December 24 for $42m.
|
| Mitsui IOSK Lines (MOL) |
Tankers and Bulk Carriers |
LBC Tank Terminals Holding Netherlands BV (£1.3bn)
HIF Global LLC (£0.2bn)
Fairfield Chemical Carriers Inc (£0.3bn)
International Transportation, Inc. (£1.0bn)
|
- MOL have expanded in recent years through continuous M&A. Their largest transaction took place in March 2025, when they acquired LBC Tank Terminals, a Dutch tank terminal operator focused on handling and storing chemical cargo in Europe and USA in a deal worth £1.3bn.
- MOL have specialised in the transportation sector with recent M&A; other notable acquisitions including Fairfield Chemical Carriers (£0.3bn in March 2024) and International Transportation (£1.0bn in March 2024).
|
| Nippon Yusen Kaisha (NYK) |
Bulk Carriers |
Pertamina International Shipping (£0.4bn)
ENEOS Ocean Corp (undisclosed)
|
- A notable transaction was the acquisition of Pertamina International Shipping in 2022, for consideration of £0.4bn. Pertamina are a VLCC operator.
- NYK also acquired the non-crude oil shipping business of ENEOS Ocean, which includes LPG carriers, chemical tankers, product tankers and dry bulk carriers.
|
| Anglo-Eastern |
Independent ship managers |
SeaQuest Marine (undisclosed)
Cruise Management International (undisclosed)
Euronav Ship Management Hellas (undisclosed)
|
- Anglo-Eastern made a couple of notable acquisitions in 2022: SeaQuest Marine to expand its newbuilding capabilities and Cruise Management International to extend its operations in the cruise sector.
- More recently, they acquired Euronav Ship Management Hellas (June 2024) to expand their operations into Greece.
|
| OSM Thome |
Independent ship managers |
Sale of Brookfield Oaktree’s stake to JP Morgan Asset Management
Klaveness Ship Management AS
|
- Announced in January 2023, OSM merged with Thome Ship Management Pte Ltd, the Singapore based ship management to become OSM Thome, increasing their technical management to 450 ships and crew management to 550 ships.
- OSM Thome acquired Klaveness Ship Management in October 2024 which further consolidated the ship management sector.
- JP Morgan acquired a stake in OSM Thome in February 2025, as Oaktree exited.
|
Source: Mergermarket and BDO Analysis
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