WW moves to full ownership of NZ’s Armacup

SCANDINAVIA’s Wallenius Wilhelmsen has moved to 100% ownership of NZ’s Armacup, which originated the Japanese used car trade to Kiwiland in 1989 and has been steadily expanding ever since.

After a long period of co-operation Wallenius Wilhelmsen first bought 65% of Armacup in 2022, with provision at that time to increase to outright ownership. The companies say that agreement has now been finalised and the transaction closed on Wednesday [30 April].

“This acquisition will further enhance the synergies between Wallenius Wilhelmsen and Armacup. It is a strategic move that will also bring growth opportunities in the Asia-Oceania trade through Wallenius Wilhelmsen’s market-leading capacity and our existing investment in integrated logistics offerings in Australia,” said Xavier Leroi, chairman of the board at Armacup and also COO at WW.

Armacup pioneered Japanese used car imports to NZ by commissioning the first PCC in the trade in 1989. Larger and more versatile vessels have been acquired over the years offering increased capacity for passenger vehicles whilst adding high deck capacity for trucks, buses and all kinds of high and heavy machinery.

Maritime Services Limited is the managing agent for Armacup with its head office based in Auckland.  In 2000, Armacup Japan K.K. was established in Tokyo and in 2013, Armacup Maritime Services established its own branch in Seoul, according to the company website.

Armacup schedules currently show 10 vessels operating the Asia-Oceania service, with a mix of WW, EUKOR and chartered tonnage, including a number of newbuildings. Ports of call vary per voyage but include Shanghai, Pyeontaek, Kokpo, Masan, Ulasn, Osak, Nagoyan, Yokohama, Hitachinaka, Brisbane, Port Kembla, Melbourne, Auckland, Noumea and Suva.

The company also offers a Japan-Europe service, via Wallenius Wilhelmsen tonnage.

“To support smooth integration and transition the engagement channels for our customers remain the same,” Armacup said in an advisory. “Our teams will work on streamlining processes to improve and simplify customer interaction even further and continue to deliver best in class customer experience. 

“We take this opportunity to thank Mark Ching, who stepped down from his position as CEO, for his unconditional dedication to Armacup and a successful partnership with Wallenius Wilhelmsen over the past 18 years which has laid the foundation for future growth and success.”

Mr Ching and accountant Grant McCurrach held the previous minority shareholding, after Mr Ching earlier bought Armacup in 1992. He is reported to have extensive property interests in NZ and owns half of Fiji’s Vomo Island Resort.

Separately, Wallenius Wilhelmsen’s sale of the Melbourne International Ro-Ro & Auto Terminal has been completed, with Qube subsidiary AAT taking formal possession yesterday [1 May]. The sale was originally announced in May 2024 but was delayed by ACCC scrutiny, which finally concluded on 10 April when the Commission accepted court-enforceable undertakings.