Hapag-Lloyd and UASC finally merge
Hapag-Lloyd and United Arab Shipping Company (UASC) have merged, creating the fifth largest shipping line in the world with a shared fleet capacity of 1.6m teu.
It is hoped that the deal, which comes more than one year after discussions began, will deliver annual synergies of US$435m, making investments in new-buildings unnecessary for the next few years.
The two majority shareholders of UASC, Qatar Investment Authority, through its subsidiary Qatar Holding LLC, and the Public Investment Fund of the Kingdom of Saudi Arabia (PIF), will become new key shareholders of Hapag-Lloyd, with stakes of 14.4% and 10.1% respectively.
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