Det Norske Veritas and Germanischer Lloyd have announced they are merging to create the world’s biggest ship classification society, accounting for nearly 18 percent of the global fleet.
Norway’s DNV will own 63.5 percent of the new company DNV GL Group, with GL’s German owner, Mayfair, holding a 36.5 percent stake.
The company, with annual revenue of $3.3 billion and a 17,000 strong work force, will be headquartered in Oslo. Its marine operations will be based in Hamburg, the home port of the world’s largest container ship fleet, much of which is classified by GL.
DNV GL will overtake Japan’s Class NK as the world’s largest classification society, issuing sea worthiness certificates to about 69,500 ships totaling 353 million deadweight tons.
The company will also be among the world’s biggest risk experts in oil and gas and the top three in management system certification.
“The merger rests on a strong strategic rationale, and responds to the challenges of increased globalization, rapid technological change and the needs for sustainable development,” said DNV Group CEO Henrik Madsen, who will also be CEO of the merged company.
DNV, which was founded in 1864, is owned by the not-for-profit DNV Foundation. GL’s owner, Mayfair, is the family holding of Guenter and Daniela Herz, former shareholders of the Tchibo coffee shop and restaurant chain.
The Journal of Commerce
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