HugSol Logistics officially launched its partnership with DB Schenker during a ceremony on Thursday, attended by Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh. Speaking at the event, Dr. Singh emphasised the significant opportunities available in Guyana for local companies, regional entities across the Caribbean, and international investors.
In a release from the Ministry of Finance, Dr. Singh noted that the partnership aligns with the Local Content Act implemented by the PPP/C Government, which has opened up numerous opportunities for businesses operating in the country. He congratulated the stakeholders involved in forging this strategic alliance and underscored the potential for future growth.
The launch coincided with a major announcement that Denmark’s DSV has agreed to acquire DB Schenker, the logistics arm of Deutsche Bahn, for 14.3 billion euros (US$15.85 billion). The acquisition, reported by Reuters, is set to make DSV the largest logistics company in the world, surpassing DHL Logistics and Switzerland’s Kuehne und Nagel in both volume and revenue. Despite its dominance, DSV is projected to control only 6-7% of the global logistics market, which remains highly fragmented.
German labour unions have expressed concerns over the deal, warning of potential job losses resulting from the sale of DB Schenker to DSV. The acquisition, the largest in Danish corporate history, highlights the competitive nature of the global logistics industry.
