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Mergers and Alliances in the Liner Shipping Industry: an Historical Perspective David A Journal of Transportation Management Volume 10 | Issue 2 Article 6 9-1-1998 Mergers and alliances in the liner shipping industry: an historical perspective David A. Menachof University of Plymouth Anthony Damian Norasia Services SA Follow this and additional works at: https://digitalcommons.wayne.edu/jotm Part of the Operations and Supply Chain Management Commons, and the Transportation Commons Recommended Citation Menachof, David A. & Damian, Anthony. (1998). Mergers and alliances in the liner shipping industry: an historical perspective. Journal of Transportation Management, 10(2), 44-56. doi: 10.22237/jotm/901929900 This Article is brought to you for free and open access by the Open Access Journals at DigitalCommons@WayneState. It has been accepted for inclusion in Journal of Transportation Management by an authorized editor of DigitalCommons@WayneState. MERGERS AND ALLIANCES IN THE LINER SHIPPING INDUSTRY: AN HISTORICAL PERSPECTIVE David A. Menachof University of Plymouth Anthony Damian Norasia Services SA This article chronicles the history of mergers and alliances in the liner shipping industry during the past century before focusing on the latest wave of mergers to hit the industry Each merger wave in the liner shipping industry generally coincided with merger waves from the general industrial world. The incentive for each wave of mergers seemed to be different, with the most recent wave focusing on synergy between the merging companies. The reduction of competing firms through mergers has implications for the shipper and these are also examined. INTRODUCTION the last century can be compared to the present day competition in the liner shipping industry. In the present decade, mergers and strategic The commonality between the two periods alliances have become the model for liner represents an attempt to increase price stability shipping companies in coping with the and profitability. This paper will chronicle the globalization of the world economy. The present merger history of the liner shipping industry and day competition and rise in the cost of capital has conclude with the current rationale for the most resulted in a steady fall in profits. Liner shipping recent wave of merger activity and how it might companies "are characterized by operating affect the shipper. scheduled services between predetermined ranges of ports on a continuous basis." (U.N.) HISTORY OF THE MERGERS Most liner shipping service today is focused on AND THE MERGER WAVE CYCLE containerized freight traffic. Competition in the liner shipping industry has been in existence Four periods of high merger activity, called since the days when sailing ships were merger waves, can be identified in the history of introduced. The intense competition at the turn of US and UK industrial development. During these 44 Journal of Transportation Management periods, consolidation of various industries took between 1890-1898 saw increased merger place. The liner shipping industry was one such activity. industry affected by these merger waves. In the US, these industrial merger waves occurred This merger wave occurred after the depression between 1897-1904; 1916-1929; 1965-1969, 1984- of 1883 and peaked between 1898 and 1902. 1989, and most recently in the early 1990’s General industry mergers during this period were continuing to the present. The reason for the horizontal and often resulted in a monopolistic occurrence of these merger waves was different market structure (Gaughan 1991). Similar for each period. The first wave resulted in monopolistic market structures were also monopolistic merger, the second wave for witnessed in the liner shipping industry, where oligopoly, the third wave for conglomerate the conference system created a price cartel. An merger, the fourth wave was the period of hostile example to this effect was rate fixing set by the and mega-mergers and the present day merger's shipowners of the Calcutta conference for the objective is strategic gains (Gaughan 1996). The carriage of tea (Deakin and Seward 1973). It was merger activity in liner shipping has coincided financial factors which forced the end of the first with the merger activity in other industries. merger wave, including the collapse of the Mergers, acquisitions and alliances in the liner shipbuilding trust in 1900 and the crash of the shipping industry have always occurred in a stock market in 1904 in the US (Gaughan 1991). periodical wave manner. From the data collected (see Appendix), the merger waves in the liner The Second Merger Wave: 1914-1926 shipping industry can be categorized into four periods, 1875-1898; 1914-1926; 1964-1973; and The second wave of mergers in the liner shipping 1981-1989, which with little exception correspond industry occurred during the First World War and to the general industrial merger waves. The continued until 1926. While the first wave was present day merger activity can be traced from merger for monopoly, the second wave was 1995-present day. These periods of merger waves merger for oligopoly. The booming economy after saw increased activity of mergers, acquisition the first World War provided the investment and alliances. capital for these mergers (Gaughan 1996). During this period, the largest merger was that between The First Merger Wave: 1875-1898 British India Steam Navigation Company and the Peninsular & Oriental Steam Navigation In the late 19th century, steamships used to Company, followed by the Ellerman Lines & Hall regularly ply between Europe and India/Far East, Lines merger to form Ellerman Line (Deakin and but the competition was not very severe. The Sewrard 1973). The second merger wave ended opening of the Suez Canal in 1869, which reduced with the stock market crash of 1929. the voyage duration, increased the effective earning capacity of each vessel and created The Third Merger Wave: 1964-1973 cutthroat competition among the shipowners, finally resulting in the formation of shipping The third merger cycle occurred between 1964 conferences. It was one of the first types of and 1973. The introduction of container services mutual pact among shipowners to protect their to the liner trades in the mid 60’s brought in a interests. In the following years, many revolution, not only in handling methods, but also conferences were formed to safeguard shipowner in the whole structure and operation of general interests (Deakin and Seward 1973). The period cargo transportation. The desire to build before 1900 saw heightened activity in the container ships and the related specialized formation of shipping conferences and the period handling facilities in ports required heavy, capital Fall 1998 45 intensive investments. Mergers during this wave liner shipping industry in which global transpired due to the heavy investment deregulation has resulted in mega-mergers and requirements of containerization, which made it alliances. The present day liner shipping industry virtually impossible for a single liner shipping is faced with alliances such as Global, Grand. company to undertake alone (Fossey 1996). Sealand-Maersk and mega-mergers such as P&O- Again, the mergers in the liner shipping industry Nedlloyd (See Tables 1 and 6). coincided with the merger wave of other industries. Mergers in the third wave were Thus, it is clear that the liner shipping industry’ conglomerate in nature (Gaughan 1991). Several has experience merger wave cycles, which mergers and consortia were formed during this coincided with the merger wave cycle period such as Overseas Containers Ltd (OCL), a experienced by other industries. These merger closely knit pooling and joint marketing firm cycles were experienced during the bullish phase comprising British & Commonwealth, Furness of stock markets and during periods of a liberal Withy, Ocean Transport & Trading and P&O. The banking system fuelled by deregulation, which purpose was to formulate and develop strategy are the main ingredients of mergers and for converting UK-Far East liner services to acquisitions. Therefore, it is apparent that liner containers. A year later this was followed by shipping is very much affected by the ups and other UK-based operators; Ben Line Steamers, downs of the overall market. The ups and downs Blue Star Line, Cunard Steamship Co, Ellerman of other industries do have an impact on liner Lines and T&J Harrison formed Associated shipping and the statement that shipping is a Container Transportation (ACT). The third derived demand is very much true. merger wave subsided when the stock market fell in 1969 (Gaughan 1991). OBJECTIVES OF MERGERS AND ALLIANCES The Fourth Merger Wave: 1981-1989 As with all business activity, there must be The fourth merger wave occurred between 1981 justification for engaging in either a merger or an and 1989 and was again different from previous alliance. We look at the theoretical basis for merger waves as general industry concentrated acquiring strategic gain in terms of synergy and more on hostile take-overs. During this period then examine whether or not they apply in the few mergers took place in the liner shipping "real world" based on actual merger activities. industry. However, the airline industry experienced numerous acquisitions and Synergy consolidations due to deregulation (Gaughan 1996). Synergy basically refers to the coming together of firms to produce a corporate combination which The Current Merger Wave: 1995-Present is more profitable than the sum of the individual firms profit combined (Gaughan 1991). There are The present day mergers have
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