Erria A/S : Cathay Seal, has entered into a 3-year milestone agreement with Maersk.

Erria to Secure Millions of Maersk Containers in a New Three-Year Agreement

Investor news | Køge, March 19, 2024

Erria, through its subsidiary in Singapore, Cathay Seal, has recently entered into a 3-year milestone agreement with Maersk, extending and significantly expanding Erria's longstanding collaboration with Maersk in the realm of security and protection of container contents.

The agreement is extended for 3 years until February 27, 2027, involving the production and delivery of Cathay Seal's newly developed and patented container seal (CS Bolt IV Fitted Seal) for Maersk's container fleet, encompassing over 4 million 20-foot containers (TEU) in capacity.

While Erria and Cathay Seal have previously supplied container seals to Maersk, this new agreement now also includes the delivery of three new products: Cable Seals, Container Bar Seals, and Plastic Seals.

"All merchants can succeed in selling a product the first time. The critical point and true validation of quality and usability come with the second order one wins. The world is experiencing increasing pressure on international supply chains, and security is crucial for all operators. Today, Maersk, with a three-year and significantly expanded agreement, has chosen our patented container seals as a vital part of their essential security measures in their global logistics chain," says Erria CEO Henrik N. Andersen.

Sylvia Tan, director of Erria's subsidiary, Cathay Seal, states:
"This agreement marks a significant step for Cathay Seal and underscores our commitment to delivering high-quality security solutions to our valued partners. We believe that this collaboration with Maersk will strengthen our position in the market and contribute to the mutual success of both parties."

Patented Security for the Entire Supply Chain

A container seal consists of a locking mechanism and a unique identifier such as a serial number or barcode. This unique identifier allows verification of the seal's authenticity and enables the detection of signs of manipulation, ensuring that the contents of the containers remain intact and unchanged during transport.

"Certainty that a sealed shipment contains exactly the same at both shipment and receipt has always been a focus in international trade. For 14 years now, Erria has assisted the growing global supply chain with a wide range of security products, including visibly tamper-evident security seals, cables and bolts with unique ID numbers, and electronic locking devices. With today's agreement, we elevate our relevance and reach in the market, contributing to securing the integrity of supply chains and the trust in transporting valuable goods to end-users," says Erria CEO Henrik N. Andersen.

According to Henrik N. Andersen, the new agreement expands to include the delivery of three new products, including "U-Bar" locks for containers. "U-Bar" locks are powerful locks that secure and seal both doors on a container as one unit. The production of these locks involves patented technology, and the robust locking beam is carefully designed to prevent unauthorized access.

The conclusion of the new agreement does not change the already published guidance for 2024.

For further information, please contact CEO Henrik N. Andersen at [phone].

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