World News
UASC Shareholders Voice Support for Negotiations to Merge Operations with Hapag-Lloyd
The United Arab Shipping Company (UASC) Thursday announced that the company's shareholders at an extraordinary general meeting (EGM) expressed support for continuing negotiations for a possible merger of operations with Hapag-Lloyd AG (Hapag-Lloyd).
As Ship & Bunker previously reported, the two companies are said to be basing negotiations on relative business valuations of 72 percent for Hapag-Lloyd, and 28 percent for UASC - a combination that would create the world's fifth-largest container shipping group with 7.2 percent of global capacity, according to Alphaliner data.
"UASC and Hapag-Lloyd are continuing their discussions to reach an agreement on the envisaged combination, in which case, another EGM of the UASC shareholders will then be convened," explained UASC.
While no formal vote has yet been held among UASC's shareholders to approve the possible tie up with Hapag-Lloyd, the shareholders are said to have discussed and approved proposed amendments to the company's Articles of Association at Thursday's EGM.
In May, Ship & Bunker reported that Hapag-Lloyd was one of six carriers said to have combined to form a new container carrier alliance, known as "THE Alliance."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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