Leading shipping companies are engaging in record levels of M&A activity, driven by macro-economic and geo-political events, increasing decarbonization 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 decarbonization 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.
This research is not exhaustive and is only intended to provide an illustration of recent M&A activity.
Source: By Cassie Forman
