English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Hapag-Lloyd takes a big step with UASC

HAMBURG: May 24, 2017. Hapag-Lloyd and the United Arab Shipping Company (UASC) have completed their merger. Shareholders at the annual general meeting on May 29 will be asked to approve a capital increase within the next six months underwritten by a US$400 million "backstop commitment".

Hapag-Lloyd said it plans to save US$435 million a year as a result of the deal with a significant portion realized in 2018 and the full annualized amount the following year.

HLAG Sofia Express"This is an important strategic milestone and a big step forward for Hapag-Lloyd," said CEO Rolf Habben Jansen. "We now not only have a very strong market position in Latin America and the Atlantic, but also in the Middle East, where we will become one of the leading carriers. Our priority now is a smooth and fast integration of UASC and Hapag-Lloyd."

The new ownership structure before the expected cash increase is CSAV, 22.6 percent; HGV (City of Hamburg), 14.8 percent; Kühne Maritime, 14.6 percent; Qatar Holding, 14.4 percent; Public Investment Fund of the Kingdom of Saudi Arabia (PIF), 10.1 percent; and the TUI Group, 8.9 percent. The remaining free float is roughly 14.6 percent, according to the company.

"During its 40-year history, UASC has grown from a regional carrier to become a truly global one with comprehensive coverage of the main trade lanes and a state-of-the-art fleet," commented chairman Nabeel Al-Amudi. "We are very proud of UASC´s achievements over the years that paved the way for such a remarkable deal," he added.

The merger follows approval from a dozen competition authorities and makes Hapag-Lloyd the world's fifth largest box carrier with 230 vessels, annual carryings of 10 million TEU, a network of 163 liner services, and an average vessel size of 6,840 TEU.

"Hapag-Lloyd has long-term and extensive know-how when it comes to acquisitions. By merging with the Canadian shipping company CP Ships in 2005 and, more recently, with CSAV in 2014, we have demonstrated that we are able to combine businesses and integrate them quickly, efficiently and profitably," Jansen explained. "We are optimistic that we will be able to complete the integration of UASC by the end of this year."

The combined company will establish a new regional office in Dubai and keep its head office in Hamburg. Shareholders CSAV, HGV and Kühne Maritime retain more than 50 percent of Hapag-Lloyd.

News

Written on 19/10/2017, 21:13
britain-requires-new-aviation-strategy-with-or-without-brexitLONDON: October 18, 2017. The Manchester Airports Group (MAG), owner of Manchester, London Stansted and the airfreight-focused East Midlands Airport, has...
Written on 18/10/2017, 20:06
airlines-increase-support-for-endangered-speciesDOHA: October 18, 2017. Qatar Airways has joined Airlines for America, Delta, Emirates, IATA, Kenya Airways and United in the USAID Reducing Opportunities...
Written on 17/10/2017, 20:05
britain-should-remain-in-the-eu-says-oecdLONDON: October 17, 2017. In its latest survey of the UK economy the OECD says the positive impact on growth "would be significant should Britain remain...
Written on 15/10/2017, 19:28
africa-gdp-growth-of-3-7-percent-in-2018ABIDJAN, Côte d'Ivoire: October 12, 2017. According to a new forecast from the African Development Bank (ADB), the continent's GDP is expected to grow 3.0...
Written on 13/10/2017, 16:16
biofuels-no-alternative-to-hydrocarbons-claimLONDON: October 12, 2017. As the U.N. International Civil Aviation Organisation (ICAO) held its second conference on alternative aviation fuels this week,...
Written on 11/10/2017, 19:41
delta-pre-tax-hit-by-hurricaneATLANTA: October 11, 2017. Delta Air Lines has reported a 5.5 percent increase in third quarter 2017 (Q3) revenue to US$11.06 billion and a net profit of...
Written on 10/10/2017, 20:53
lebanon-gets-new-access-to-export-marketsTRIPOLI, Lebanon: October 10, 2017. CMA CGM has added Tripoli to its Beirut, Lebanon call on a weekly basis in a bid to link exporters in North Lebanon to...
Written on 10/10/2017, 17:34
new-russian-arrival-in-hong-kongHONG KONG: October 10, 2017. Moscow-based carrier Aviastar-Tu has begun flying a Tu-204C freighter from Novosibirsk to Hong Kong on behalf of Russia...
Written on 09/10/2017, 18:20
jetblue-launches-aid-program-for-puerto-ricoNEW YORK: October 08, 2017. JetBlue, which normally operates 53 daily flights from three airports in Puerto Rico to the U.S Mainland, has launched a...
Written on 06/10/2017, 20:34
puerto-rico-begins-to-restore-essential-servicesSAN JUAN, PR: October 06, 2017. The American Maritime Partnership (AMP), representing 450 companies specializing in U.S. cabotage routes, says its members...
Written on 05/10/2017, 22:10
saudi-arabia-tops-equestrian-event-at-asian-gamesASHGABAT, Turkmenistan: October 03, 2017. President of Turkmenistan Gurbanguly Berdimuhamedov brought the 5th Asian Indoor and Martial Arts Games in...
Written on 28/09/2017, 19:43
jd-com-to-deploy-one-million-dronesBEIJING: September 25, 2017. JD X, the innovation lab for e-commerce company JD.com, has partnered with U.S. gaming technology company NVIDIA to add AI to...
Written on 28/09/2017, 18:29
port-of-rotterdam-to-develop-blockchain-solutionsROTTERDAM: September 25, 2017. The Port of Rotterdam Authority and the Rotterdam Municipality have launched 'BlockLab' to develop applications and...
Written on 27/09/2017, 15:48
alibaba-to-invest-us-16-billion-in-logisticsHANGZHOU: September 26, 2017. The Alibaba Group is spending US$807 million to raise its stake in affiliate Cainiao Smart Logistics Network from 47...
Written on 26/09/2017, 19:30
technology-tops-most-valuable-brand-listNEW YORK: September 25, 2017. Apple, Google and Microsoft are the world's three most valuable brands according to Interbrand's latest ranking of 100 best...
Written on 26/09/2017, 17:55
unilever-remains-top-of-european-supply-chainsSTAMFORD, CT: September 25, 2017. Gartner's latest European Supply Chain Top 15 ranks Unilever No.1 for the second year running with Inditex taking second...
Written on 22/09/2017, 18:52
air-and-sea-aid-response-to-irma-and-mariaTORTOLA: September 22, 2017. With Hurricane Maria causing structural damage and power outages as it passes the Turks & Caicos islands, Royal Navy...
Written on 22/09/2017, 14:44
turkish-airlines-to-order-40-dreamlinersNEW YORK: September 21, 2017. Boeing and the Turkish government plan to develop Turkey's aerospace industry with the launch of a National Aerospace...
Written on 21/09/2017, 21:28
fedex-q1-results-hit-by-tnt-cyberattackMEMPHIS/MIAMI: September 20, 2017. FedEx Corporation has reported adjusted first quarter (Q1) revenue of US$15.3 billion, up from US$14.7 billion...
Written on 21/09/2017, 19:28
colorado-to-consider-hyperloop-one-link-with-wyomingLOS ANGELES, September 21, 2017. Hyperloop One is partnering with the Colorado Department of Transportation (CDoT) to determine the feasibility of...

- powered by Quickchilli.com -