The Danish carrier service, Unifeeder has expanded its global reach and closed the gap on market leader X-Press with its acquisition of a majority stake in Singapore-based feeder and shortsea operator Feedertech Group.
Unifeeder will buy a 77% stake in Feedertech, with the Singapore registered company’s chairman, Ali Maghami, retaining the remaining 23%.
Unifeeder said the expansion would “increase Unifeeder’s logistics capabilities and facilitate integrated services that engage end-customers and traders in line with the strategic ambition of the company’s parent, DP World.
Chief executive Jesper Kristensen said: “This is yet another strategic step in our vision to build a global presence, offer a broader network of solutions to customers and leverage the way we engage with them to create the most comprehensive and integrated solutions across multiple geographies.”
Feedertech’s chairman Mr. Ali Maghami said “Feedertech Group has enjoyed great success over the years and we are proud of our achievements. We believe the transaction with Unifeeder, and the support of DP World, will allow us to take the business to the next stage of its growth.”
Founded in 2003, Feedertech operates liner and ad hoc feeder services under that name and a regional shortsea network under the Perma banner. Its network covers 50 ports and generates revenue of nearly $200m from over 600,000 teu carried annually. It has a head count of 290 employees in 23 countries.