‘Ex­cit­ing fu­ture’ for UASC af­ter merger deal

7 Days in Dubai - - BUSINESS -

Dubai-based United Arab Ship­ping Com­pany (UASC) and Ha­pag-Lloyd AG (Ha­pag-Lloyd) are to merge by the end of 2016 - cre­at­ing one of the world’s five largest liner ship­ping com­pa­nies. Sub­ject to the nec­es­sary reg­u­la­tory and con­trac­tual ap­provals, the merger will see the new com­pany’s fleet con­sist of 237 ves­sels and a com­bined turnover of ap­prox­i­mately $12 bil­lion. “With this merger, we are em­bark­ing on an ex­cit­ing new phase of UASC’s growth,” said Jorn Hinge, Pres­i­dent and CEO of UASC. “Lev­er­ag­ing on UASC’s her­itage in the Mid­dle East as well as our re­cent growth in other mar­kets, the com­bined com­pany will pro­vide cus­tomers with valu­able ex­per­tise and very ef­fi­cient ser­vice of­fer­ings in all ma­jor trade lanes and mar­kets around the world.” The merger is ex­pected to be com­pleted by the end of 2016. Un­til then, UASC and Ha­pag-Lloyd will con­tinue to op­er­ate as stand-alone com­pa­nies. “This strate­gic merger makes a lot of sense for both car­ri­ers - as we are able to com­bine UASC’s emerg­ing global pres­ence and young and highly ef­fi­cient fleet with Ha­pag-Lloyd’s broad, di­ver­si­fied mar­ket cov­er­age and strong cus­tomer base. Fur­ther­more it will give the new Ha­pag-Lloyd ac­cess to Ul­tra Large Con­tainer Ves­sels”, said Rolf Habben Jansen, CEO of Ha­pag-Lloyd. “This trans­ac­tion with UASC is an­other his­toric mile­stone for Ha­pag-Lloyd. The merger re­in­forces our po­si­tion as a top five and one of the largest truly global car­ri­ers in liner ship­ping.”

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