Qatar Takes Controlling Stake in UASC

Qatar Takes Controlling Stake in UASC

World’s largest LNG exporter Qatar has acquired 51.3 pct stake in the United Arab Shipping Company (UASC), thus becoming the company’s majority stake owner.

Before the acquisition, the governments of Kuwait, Qatar, Saudi Arabia, the United Arab Emirates and Iraq each had a 19.3% stake in the shipping line and Bahrain had a 3.5% shareholding, based on Lloyd’s List data.

The deal is attributed to Qatar’s contribution to a series of capital increases backing the carrier’s expansion plans.

The carrier’s has added sixth 18,000 teu LNG-ready ships and its fleet comprises of 55 ships.

The ordering spree of UASC was completed with a final order for one 18,000 TEU container vessel at Hyundai Heavy Industries (HHI) in Korea this March.

The company’s total fleet expansion order reached 17 ships, including eleven 14,000 TEU vessels and six 18,000 TEU vessels

World Maritime News Staff, August 4, 2014