The merger of Hapag-Lloyd and UASC will create the world’s fifth largest container line with 1.47m teu in fleet capacity.

The EC has approved the merger under the condition that UASCwithdraws from the NEU1 consortium on the North Europe – North America trade, of which Hapag-Lloyd is also a member. If UASC also remains a member it said the merged company would have faced “insufficient competitive restraint” on the route. With UASC withdrawing from the route the merged company’s position on the trade would be comparable with Hapag-Lloyd’s today.

“European companies rely on container liner shipping services for their transatlantic shipments. It’s very important that the markets remain open,” said Commissioner Margrethe Vestager, in charge of competition policy.

“The commitments offered by Hapag-Lloyd ensure that the takeover will not lead to price increases on the routes between Northern Europe and North America.”