Wilson and DFDS Logistics have today entered into an agreement in which DFDS has agreed to sell their entire portfolio of Contracts of Affreightments (COAs) within the Short Sea Dry Bulk market to Wilson. The transaction is subject to approval from the Norwegian Competition Authority and consent from charterers representing the major share of the contract volume.
Wilson will acquire a portfolio of contracts with an annual volume of about 250 000 tons with an annual gross turnover estimated to over MNOK 40. 200 000 tons of contract volume expires end 2013 whilst the remaining expires during December 2011 - June 2012. The transaction includes all contract activities that DFDS Logistics has in the conventional short sea dry bulk market. Wilson will acquire the contracts for MNOK 5,5 in cash.
The transaction does not include fixed assets or employees. DFDS Logistics has served the contracts exclusively by chartered in tonnage which currently are of short duration. These time charters will not be extended at expiry as Wilson intends to incorporate the new COAs into its own fleet scheduling and thereby creating synergies.
The transaction between Wilson and DFDS calls for no operational changes under the COAs and Wilson will handle the contractual obligations on terms and conditions as have been originally agreed between DFDS and the relevant customers.
Implementation will be effectuated following approval from the Norwegian Competition Authority and consent from charterers representing the major share of the contract volume.
Wilson ASA
Bergen, 13th May 2011