Major Losses Revealed for UASC

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Ahead of a shareholders meeting on Friday August 26, 2016 which is expected to clear a merger between Hapag-Lloyd and UASC, it has been found that UASC made an operating loss of close to US$300 million in 2015 and is still incurring losses, according to JOC.com.

UASC reportedly made revenue of more than $3.3 billion in 2015, with a net loss of more than $384 million.

In the Loadstar, Habben Jansen, CEO of Hapag-Lloyd, said: “In this difficult competitive environment, it is very important to complete the transaction with UASC as quickly as possible.”

In a previous article by PTI, it was reported that Hapag-Lloyd also made a huge loss, in light of a difficult period in the container shipping industry.

Hapag’s revenue fell by around $1 billion in H1, 2016 compared to the same period in 2015.

The carrier was recently reported to have completed its merger with UASC, which will create the fifth largest shipping line in the world.

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