Jorn Hinge News

Will there be a layoffs after United Arab Shipping Co (UASC) merging with the German container shipper Hapag-Lloyd? Middle Eastern enterprise UASC expects most of the tie-up’s $400 million cost savings to come from operations rather than layoffs, The National reports quoting UASC chief executive Jorn Hinge. UASC's initial hypothesis is there will be fewer layoffs than many people would normally expect in a merger, he said. The largest portion of this amount comes from deploying the optimal size ship for each of the trades where the combined company will operate, he added. For example, cost savings will come from negotiating better procurement terms.

Hapag-Lloyd AG (Hapag-Lloyd) 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. Besides the Business Combination Agreement (BCA) between the two companies, the controlling shareholders, namely CSAV Germany Container Holding GmbH, HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH and Kühne Maritime GmbH on the side of Hapag-Lloyd, and Qatar Holding LLC on behalf of the State of Qatar and The Public Investment Fund of the Kingdom of Saudi Arabia on the side of UASC, have assumed certain commitments with regard to the merger and the future equity funding of the company in a separate agreement…

Hapag-Lloyd and UASC have signed a Business Combination Agreement. The Combined company will rank among the world´s five largest liner shipping companies and will operate one of the most modern fleets in the industry / Company will operate 237 vessels with total transport capacity of around 1,6 million TEU / Qatar Holding LLC and The Public Investment Fund of the Kingdom of Saudi Arabia to become new key shareholders of Hapag-Lloyd. Hapag-Lloyd AG (Hapag-Lloyd) 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.

Qatargas, United Arab Shipping Company (UASC) and Shell signed a Memorandum of Understanding (MoU) to explore the development of LNG as a marine fuel in the Middle East region. This is the second such agreement signed by Qatargas and Shell in as many months and establishes another core partnership within the shipping industry. The MoU was signed by Qatargas chief executive Khalid bin Khalifa al-Thani, UASC chief executive Jorn Hinge and Qatar Shell Companies managing director and chairman Michiel Kool. The partners will continue to work diligently to develop and supply LNG as marine fuel for the merchant fleet before the end of the current decade.

A marked drop in Asian imports to Europe, made worse by a strong dollar, has exacerbated the pressure on shipping lines already struggling with massive over capacity, Arabian Supply Chain quotes United Arab Shipping Company (UASC) as saying. Jorn Hinge, president and chief executive of UASC, speaking to Reuters, said that the container market has been hit by a slowdown in demand for goods from Asia, especially China. That has pushed competition into the South American market. Shipping giants like Maersk Line and CMA CGM have both reported a slide in third quarter net profit. UASC hasn’t escaped unscathed, the Middle East’s leading shipping line has seen a 5 percent drop in volume on its flagship Asia to Europe route in the year to date…

Kuwait-headquartered United Arab Shipping Company (UASC) said that marked drop in Asian imports to Europe, made worse by a strong dollar, has heaped pain on container lines already struggling with massive over capacity, reports Reuters. Jorn Hinge, president and chief executive of UASC stated that the container market, which ships retail goods from IPhones to designer clothes and food products, has been hit by a slowdown in demand for goods from Asia, especially China. That has pushed competition into the South American market, but Brazil's recession has hurt that region too. The world's number one and number three players Maersk Line and CMA CGM have both reported a slide in third quarter net profit.

The race is on in global maritime circles to be the “world’s first” in every aspect of environmental friendliness, particularly in regards to the incorporation of LNG as fuel onboard commercial ships. There was yet another “world first” today in South Korea at the Hyundai Heavy Industries shipyard in Ulsan when United Arab Shipping Company (UASC) named the first ever LNG-ready ultra large container vessel  MV Sajir, the first vessel in UASC’s current 17-ship “eco-efficient” newbuilding program, comprising 17 of the world’s most eco-efficient vessels.

United Arab Shipping Company (UASC) is on a major expansion drive, investing more than $2 billion in bigger ships and forming alliances with peers to boost efficiencies and ride out tough markets. The shipping industry has been battling overcapacity, linked to a glut of new vessels ordered during a boom period before the global financial crisis of 2007-2009, forcing operators to look for ways to overcome one of the worst slumps on record. Despite the oversupply, companies are…

United Arab Shipping Company S.A.G. (UASC) informs it has concluded a bilateral facility worth USD 190 million with Burgan Bank’s Corporate Banking Group to finance the acquisition of two 14,000 TEU vessels from among UASC's new building order of 17 vessels comprised of eleven 14,000 TEU vessels and six 18,000 TEU vessels. UASC explains it has ordered these ultra large container ships from Hyundai Heavy Industries Co. Ltd. shipyard in South Korea. The giant box-ships, which are state of the art vessels capable of running on conventional fuel and liquefied natural gas, are scheduled for delivery starting in fourth quarter of 2014. Mr.

UASC Cements its largest ever newbuilding order by exercising options for six 14,000 TEU boxships. United Arab Shipping Company (UASC) announced Sunday that options for six additional 14,000 TEU vessels have been exercised bringing the total order to 16 ships. The order has been placed with Hyundai Heavy Industries (HHI) in Korea and is the largest in UASC’s history, worth over US$ 2 billion including all options. The order features vessels that will be amongst the largest, most technologically advanced, and most environmentally friendly container vessels ever built.

The United Arab Shipping Company (UASC) announce two senior executive appointments to further position the company for its next phase of growth. The company says its major transformation and investment program which is underway, calls for a new operating model to support the business. The appointments provide the depth and breadth to UASC’s Executive Management team to deliver on ambitious growth plans. “UASC is preparing for significant changes on the back of new capacity coming into service with a major program of new vessel acquisition”, said Jorn Hinge, UASC President and CEO.

UASC announced two senior executive appointments to further position the company for its next phase of growth. The major transformation and investment program which is underway, calls for a new operating model to support the business. The appointments provide the depth and breadth to UASC’s Executive Management team to deliver on ambitious growth plans. “UASC is preparing for significant changes on the back of new capacity coming into service with a major program of new vessel acquisition,” said Jorn Hinge, UASC President and CEO.

Money and Ships conference to review current situation after global attacks hit all-time high of 266 for the first half of 2011- problem costs industry up to $16 billion annually. Global attacks on ships rose to an all-time high of 266, during the first six months of 2011 up from 196 in 2010 according to the International Maritime Bureau (IMB). More than 117 ships were attacked and 20 seized, by pirates off the coast of Somalia alone since January 1, 2011, holding 28 ships and 518 hostages for ransom as of the end of April 2011. These issues are to be raised and reviewed by industry experts at Middle East Money and Ships conference, which takes place at the Address Hotel in Dubai Marina on 16 October 2011.