Gulf Majors Linked to UACC Acquisition
Several Gulf-based shipping companies have been identified as potential bidders interested in taking a stake in the United Arab Chemical Carriers (UACC), a subsidiary of United Arab Shipping Company (UASC), including Bahri and Milaha, Reuters reports.
The sale is directly linked to the now completed merger between liner carriers Hapag-Lloyd and UASC, as it was set as one of the conditions for the conclusion of the deal. UASC has a 45 percent stake in the company, estimated to be worth USD 200 million.
As informed, the proceeds from the sale of UACC are intended to repay debt to Qatar National Bank.
The company’s fleet comprises 24 MRs and LR1 chemical and product tankers, and is valued at USD 480 million, based on VesselsValue’s data.
When approached by World Maritime News Qatar Navigation (Milaha) declined to comment on the matter.
National Shipping Company of Saudi Arabia (Bahri), UASC and Hapag-Lloyd are yet to reply on the subject.
World Maritime News Staff