Tag: UASC

Moody's upgraded Hapag-Lloyd to B1 from B2, its probability of default rating (PDR) to B1-PD from B2-PD and its senior unsecured bond ratings to B3 from Caa1. This rating reflects Hapag-Lloyd's progress in integrating UASC after the merger, while also reducing leverage and generating positive free cash flow on the back of tight cost management and increased efficiencies.

German Hapag-Lloyd AG announced its decision to partially redeem EUR 170 million of its senior note on 11 February 2019 and prior to its maturity 2022 at a fixed redemption price of 103.375%. The senior note was issued in February 2017 with an aggregate principal amount of EUR 450 million.

Germany-based shipping company Hapag-Lloyd announced that it completed the integration of United Arab Shipping Company into the Group, six months after the merger process started. With a fleet of 215 modern container ships, Hapag-Lloyd is now the fifth-largest liner shipping company in the world.

German shipping company Hapag-Lloyd informed that it has now completed the sale of three of its older container ships to shipyards in China and Turkey, which are specially equipped and certified for safe and environmentally sound recycling. 

Hapag-Lloyd and United Arab Shipping Company officially merged, in Hamburg, on May 24. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. UASC’s 58 vessels will be integrated into the fleet of Hapag-Lloyd and the combined fleet will then include a total of 230 vessels.

One of the industry’s largest and most technologically advanced fleets benefits from Marlink's flexible advanced media solution for viewing daily-updated crew content on board. XChange Media will connect crews on board UASC vessels to a world of news, sports and TV.

Hapag-Lloyd says the pending merger with UASC to be considered as a ‘strategic milestone’ for the company. With this merger, Hapag-Lloyd will not need to make any more investments in large vessels in the next few years.

As part of a commitment made to the World Wildlife Fund (WWF) earlier this year, UASC has prohibited the carriage of shark fin and shark fin related products.

Hapag-Lloyd and UASC signed a Business Combination Agreement to confirm their merger which was officially announced in early July. Combined company will rank among the world's five largest liner shipping companies and will operate one of the most modern fleets in the industry. Company will operate 237 vessels with total transport capacity of around 1,6 million TEU

German container shipping line Hapag-Lloyd AG has agreed a merger deal with United Arab Shipping Company (UASC). The merger talks between the two companies began in April this year.