News Content
Merged Hapag-Lloyd and UASC head office based at Dubai financial centre
THE Dubai International Financial Centre (DIFC) has been selected as the Middle East head office for the merged entity established between Hapag-Lloyd and United Arab Shipping Co. (UASC).
Hapag-Lloyd finalised its merger with UASC on May 24. The company's combined fleets include 230 containerships with a capacity of 1.6 million TEU. Average vessel size stands at 6,840 TEU, and the average ship age is 7.2 years. The merged entity is expected to transport 10 million TEU each year.
To facilitate the merger, UASC was first re-domiciled to the DIFC and has since made use of the centre's special purpose companies and intermediate special purpose vehicle structures, reported American Shipper.
"Choosing DIFC as the jurisdiction for UASC in preparation for the merger is testament to our confidence in the centre as an important enabler as the combined entity moves forward in its regional, and global, growth strategy," said John Hinge, who led UASC as chief executive officer until the closing.
"The DIFC is an attractive choice in a number of ways, offering a range of benefits, providing access to 100 per cent foreign ownership, zero tax, DIFC law and DIFC infrastructure."
CEO of the DIFC Authority, Arif Amiri, added: "DIFC offers a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, enabling businesses and investors to tap into key emerging markets across the MEASA region and thereby supporting the achievement of their respective business objectives."
Hapag-Lloyd finalised its merger with UASC on May 24. The company's combined fleets include 230 containerships with a capacity of 1.6 million TEU. Average vessel size stands at 6,840 TEU, and the average ship age is 7.2 years. The merged entity is expected to transport 10 million TEU each year.
To facilitate the merger, UASC was first re-domiciled to the DIFC and has since made use of the centre's special purpose companies and intermediate special purpose vehicle structures, reported American Shipper.
"Choosing DIFC as the jurisdiction for UASC in preparation for the merger is testament to our confidence in the centre as an important enabler as the combined entity moves forward in its regional, and global, growth strategy," said John Hinge, who led UASC as chief executive officer until the closing.
"The DIFC is an attractive choice in a number of ways, offering a range of benefits, providing access to 100 per cent foreign ownership, zero tax, DIFC law and DIFC infrastructure."
CEO of the DIFC Authority, Arif Amiri, added: "DIFC offers a geographically attractive platform, underpinned by an internationally benchmarked regulatory and legal system, enabling businesses and investors to tap into key emerging markets across the MEASA region and thereby supporting the achievement of their respective business objectives."
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
