Hapag-Lloyd’s Shareholders Approve UASC Merger Terms

Image Courtesy: Hapag-Lloyd

German shipping company Hapag-Lloyd has received an approval from its shareholders during the company’s annual general meeting held on Friday on creating the capital conditions required for the planned merger with the Arabian carrier United Arab Shipping Company (UASC).

Hapag-Lloyd’s shareholders approved the creation of new authorised share capital which is “to be used for the merger with the liner shipping company UASC, which is to be incorporated into Hapag-Lloyd as a contribution in kind.”

The shareholders also approved the expansion of the Supervisory Board from the current twelve members to 16, which is to take place once the merger with UASC is concluded.

The merger is still subject to antitrust approvals, according to the company.

“The pending merger with UASC is another strategic milestone for Hapag-Lloyd,” said Rolf Habben Jansen, CEO of Hapag-Lloyd AG.

“This merger gives us the large vessels we need in order to achieve low transport costs per container. With the investments already made by UASC in these ship classes, Hapag-Lloyd will not need to make any more investments in large vessels in the next few years,” he added.

The two container carriers earlier signed a Business Combination Agreement (BCA), subject to the necessary regulatory and contractual approvals.

Following regulatory and contractual approvals expected to be obtained by the end of 2016, the new Hapag-Lloyd will own and operate 237 vessels with a total transport capacity of around 1.6 million TEU. The new company is expected to handle an annual transport volume of 10 million TEU and have a combined turnover of approximately USD 12 billion.

Share this article

Follow World Maritime News

In Depth>


<< Mar 2018 >>
26 27 28 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018 is organized by the Maritime and Port Authority of Singapore…

read more >

Shippax Ferry Conference 2018

The two-day onboard ferry conference was first organized in 2003 and grows ever more popular with some 400 delegates from over 40 ferry…

read more >

8th Dredging & Land Reclamation World Summit 2018

The 8th Dredging and Land Reclamation Summit 2018 will gather the decision makers from Authorities and Operators responsible for ports…

read more >

Shipping 360

This course is ideal for those who have recently joined the maritime sector and those who need to have a better understanding…

read more >