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UASC signs with Hamburg Sud

PRESS RELEASE

September 24, 2014: United Arab Shipping Company (UASC) and Hamburg Süd, two of the leading container shipping lines, announced today that they have signed a global cooperation agreement.

The agreement came after a series of discussions focused on the companies' respective customers' business needs, key growth areas, and operational requirements. The need to address logistical imbalances was also a key driver behind the agreement.

"As a customer-focused and emerging global operator, UASC is committed to continuously delivering new and enhanced service patterns. This cooperation with Hamburg Süd enables access to the South America trades and illustrates our ambitious approach to enhance geographic coverage" said Jørn Hinge, President and Chief Executive Officer of UASC. "In today's challenging marketplace our customers deserve more opportunities, better services and improved efficiencies. Through partnerships with leading operators such as Hamburg Süd, and investment in some of the largest and most eco-efficient container vessels ever built, UASC ensures that customer service remains at the very heart of our operations." he remarked.

Referring to the agreement, Dr. Ottmar Gast, Chairman of the Executive Board of Hamburg Süd, said, "This cooperation will enable Hamburg Süd and UASC to complement each other's core services and networks, offering both lines' customers a more comprehensive global reach and reliable services without incremental investment in new tonnage. Hamburg Süd and UASC customers will benefit from the companies' deployments featuring highly efficient and environmentally friendly vessels," he added.

Initially, Hamburg Süd and UASC have agreed to cooperate on several of their respective core trades. Hamburg Süd will enter the Asia - North Europe and Asia - US trades in December 2014 and January 2015, respectively, while UASC will enter the Europe - South America East Coast and Asia - South America East Coast trades effective from mid-2015. Initially, the cooperation will be in the form of slot exchanges; vessel deployment opportunities will be explored in due course. Further geographic scope for cooperation is currently under discussion. Both carriers also intend to explore other areas of cooperation going forward.

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