Safbank Line will cease to exist as a separate company Monday when it is merged into one of its parents, Safmarine Container Lines, said Henrik Friis, president of Safmarine, Inc. The change comes after Safmarine purchased the shares of Safbank held by Andrew Weir Shipping Ltd. on Nov. 29. As part of a cooperative working agreement filed with the Federal Maritime Commission, Andrew Weir will not establish competing service before Dec. 21, 2002.
Friis said that customers have already been notified about the change. He said shippers should expect no change in service. He said Andrew Weir had been a 'sleeping partner' in the service for several years.Safmarine and Andrew Weir formed Safbank in 1987. Safmarine's principal service from the U.S. is South Africa, with connections to Asia and other African ports.