UASC may sell chemical tanker unit UACC

UASC may sell chemical tanker unit UACC

United Arab Shipping Co (UASC) is considering the sale of its stake in United Arab Chemical Carriers (UACC)  as part of its plans to merge with German container line Hapag-Lloyd, sources tell Bloomberg.

The Kuwait-based company hopes the sale will raise over $600m, but deliberations are ongoing, the sources said.

Bank of America Corp has reportedly been tasked with finding buyers for the holding.

UASC’s stake in the chemical tanker unit is thought to be 39.4%, with Bahrain’s Gulf International Bank, Yusuf Bin Ahmed Kanoo Holding and Qatar’s Milaha each owning 10.5% respectively.

UACC operates a fleet of four LR1s and 20 MR product tankers. VesselsValue.com today estimates the combined market value of the UACC fleet at $530.75m.

Container lines Hapag-Lloyd and UASC agreed on the terms of a merger in late June. All shares would be transferred to the German carrier as part of the deal, which has been approved by Hapag-Lloyd’s supervisory board and UASC’s shareholders.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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