Hapag-Lloyd and UASC Pen Business Combination Agreement

first_imgzoom Container carriers Hapag-Lloyd AG and United Arab Shipping Company S.A.G. (UASC) have signed a Business Combination Agreement (BCA) to merge both companies, subject to the necessary regulatory and contractual approvals. Following regulatory and contractual approvals expected to be obtained by the end of 2016, the new Hapag-Lloyd will own and operate 237 vessels with a total transport capacity of around 1.6 million TEU. The new company is expected to handle an annual transport volume of 10 million TEU and have a combined turnover of approximately USD 12 billion.The combined company will remain a registered and stock listed company in Germany with its head office in Hamburg.CSAV, HGV (City of Hamburg) and Kühne Maritime will remain controlling shareholders of Hapag-Lloyd. The majority shareholders of UASC, Qatar Holding LLC and The Public Investment Fund of the Kingdom of Saudi Arabia, will become new key shareholders of Hapag-Lloyd holding 14 per cent and 10 per cent, respectively.“This strategic merger makes a lot of sense for both carriers – as we are able to combine UASC’s emerging global presence and young and highly efficient fleet with Hapag-Lloyd’s broad, diversified market coverage and strong customer base. Furthermore it will give the new Hapag-Lloyd access to Ultra Large Container Vessels,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.“After the successful integration of CSAV which was concluded mid of 2015 this transaction with UASC is another historic milestone for Hapag-Lloyd. The merger reinforces our position as a top 5 and one of the largest truly global carriers in liner shipping.”The fleet of the combined company will include UASC´s six recently received 18,800 TEU ships, including  Barzan, the container shipping industry’s first LNG-ready ultra-large container vessel, as well as eleven newly built 15,000 TEU ships, the last of which will be delivered soon.“With this merger, we are embarking on an exciting new phase of UASC´s growth,” said Jorn Hinge, President and CEO of UASC.“Leveraging on UASC´s heritage in the Middle East as well as our recent growth in other markets, the combined company will provide customers with valuable expertise and very efficient service offerings in all major trade lanes and markets around the world.The company will be the part of the new “THE Alliance” – consisting of Hanjin, Hapag-Lloyd, K-Line, Mitsui O.S.K Lines, Nippon Yusen Kaisha and Yang Ming. THE Alliance is scheduled to begin operation in April 2017 and will cover all East-West trade lanes including Asia-Middle East/Arabian Gulf and Red Sea.UASC and Hapag-Lloyd will continue to operate as stand-alone companies until the merger is approved. Each company will also operate in its own alliance as currently structured until the end of March 2017, after which THE Alliance will commence operations.last_img read more

Rain Storm Update Nov 9

first_img After a flood, the two most important concerns are safety and sanitation. Here are guidelines to help with a safe return home: Total rainfall has been between 140 mm (Kentville/Halifax airport) to 215 mm (Quinan and Argyle areas). A possible high of 250 mm (between Keji and Yarmouth) may have fallen in the southwest area. Environment Canada reports that little rain is expected for the remainder of the week in southwestern Nova Scotia. States of local emergency continue in parts of Argyle, Barrington, and Yarmouth for any needed evacuations, although none are planned. Fewer residences than expected have taken part in voluntary evacuations. There have been about 50 voluntary evacuations in southwest Nova Scotia, in Quinan in Argyle for bridge washouts, downstream of the Vaughn and Carleton Dams in Yarmouth, and in Barrington. Other residents in the areas have been warned of the risks, but have decided to stay. While many roads are still closed, waters are receding in some areas. It is hoped some roadways may reopen later today. Nova Scotians are asked to continue to monitor traffic advisories. The bridge on Trunk 3, or the Old Bay Road between exits five and six, is closed for an assessment. Nova Scotia Power reports that water levels and flow rates in NSP hydro systems are stabilizing, except at Tusket. Very strong inflows to Lake Vaughan continue. Environment Canada reports that while water levels at the Tusket Falls Main Dam (also know as the Vaughn Lake Dam) fell slightly yesterday, they were rising slowly today. NSP said water levels may not peak until a couple of days after the rainfall has ended. NSP crews will remain on site at all dams until water levels return to normal. Information about water levels at Environment Canada monitoring stations can be found at www.wateroffice.ec.gc.ca/index_e.html . Provincial government departments continue to assess areas of responsibility to ensure the needs of Nova Scotians are being met such as protecting public health and providing safety information. The Department of Agriculture is making plans to provide support as needed to farmers with stranded animals along the Annapolis River and the St. Mary’s River and in Quinan, where there is a fox farm. Listen to the radio for instructions. Local municipal offices will let people know when it is safe to return to home. Do not attempt to cross flooded roads. Right after a storm, floodwaters are at their most dangerous. It only takes six inches of rapidly moving water to knock people off their feet. Do not reconnect gas, pump or electrical supplies. Arrange for qualified personnel to inspect and connect these services. Leave and contact the gas company immediately if gas is smelled. Check carefully for signs of damage, broken glass and other debris. Some items must be discarded after a flood. Items such as mattresses, pillows, sofas and upholstered furniture that have been soaked with flood water are no longer safe from harmful bacteria. Any food that has come in contact with flood water must also be discarded. This includes fresh or frozen food, food in boxes or jars, all bottled drinks and any cans that show signs of damage. The Emergency Management Office reports that the overall weather and flooding situation is stable today, Nov. 9, with low rainfall expected and no new evacuations planned in the province. The situation is being watched closely by emergency workers. However concerns about the Vaughn Lake Dam, also known as the Tusket Falls Main Dam, remain. An update on the situation as of noon follows: When there is major flooding, the province may offer a disaster financial assistance program. Recording damages will help when a claim is filed. Make a list and include photographs of all damages and items that had to be disposed of after the flood. Keep a record of flood-related activity, such as the amount of time spent cleaning and keep copies of all invoices and receipts. For more information on well water safety, visit www.gov.ns.ca/nse/water/privatewells.asp . -30-last_img read more