The United Arab Shipping Company (UASC) brand will soon be consigned to history after the company’s merger with Hapag Lloyd was officially confirmed.
In a statement, Hapag Lloyd said that post-merger, UASC and Hapag-Lloyd will be integrated into one single brand – Hapag-Lloyd.
The merged company will be the world’s fifth largest container line with 230 vessels with a total capacity of 1.6m teu.
Under the terms of the deal, the two companies will only merge its offices across the world, synchronize its IT systems and bring together its fleets, which will see Hapag Lloyd significantly increasing its presence in the Middle East.
The combined company will leverage on UASC´s strong presence in the Middle East market with a commitment to further strengthening this presence by establishing a fifth Hapag-Lloyd regional center in United Arab Emirates.
Hapag Lloyd said it is aiming to complete integration by Q4 2017.