Dubai: The pan-Middle Eastern owned containerline, United Arab Shipping Co, has a new majority shareholder in the form of Qatar.
Qatar has been behind a series of capital increases to help UASC’s dramatic fleet expansion which has seen the line order some of the largest boxships ever in recent months.
Qatar’s holding of the containerline now stands at 51.3%, according to a filing with the US Federal Maritime Commission. Previously, Qatar had an equal 19.3% stake in the shipping company along with Kuwait, Saudi Arabia, the United Arab Emirates and Iraq with Bahrain holding the 3.5% remainder.
UASC’s huge orderbook should see it operate a fleet carrying more than 500,000 teu in the coming three years. [29/07/14]