HAL Trust

Company Description

HAL Trust is a Dutch investment holding company managing a portfolio of nearly 30 companies, with a particular focus on maritime services, offshore energy, and infrastructure. The company's crown jewel is Boskalis, the world's leading dredging company, which it owns 100% following a 2022 takeover. HAL's portfolio includes both public and private investments. On the public side, it holds significant stakes in Vopak (50%), SBM Offshore, and Technip Energies. Privately, HAL owns Boskalis (dredging and offshore energy), Coolblue (consumer electronics retailer), Van Wijnen (construction), and FD Mediagroup (business news). Boskalis alone generates approximately 44% of HAL's consolidated revenue and operates a fleet of over 500 vessels. HAL Trust was founded in 1873 and is registered in Bermuda for tax efficiency, though its operations are based in Rotterdam. The company has a long-term investment philosophy, typically holding investments for decades and actively supporting management to build value. Unlike private equity, HAL doesn't raise external funds or charge management fees. With approximately €10 billion in consolidated revenues from its unquoted companies and a Net Asset Value significantly above its market capitalization, HAL trades at a substantial 'holding company discount.' Led by CEO Ralph Sonnenberg, HAL continues to grow through acquisitions—in 2024-2025, Boskalis acquired ALP Maritime Group and the remaining shares of Smit Lamnalco. The company also owns 2,580 hectares of land in Iceland for a reforestation project to offset CO2 emissions.