Complete Maritime Profile & Reviews of Uog-Hermes

In a strategic move aligned with its upcoming merger with German shipping giant Hapag-Lloyd, United Arab Shipping Company (UASC) is reportedly exploring the sale of its significant stake in United Arab Chemical Carriers (UACC). According to sources familiar with the situation, this potential transaction could yield over $600 million for the Kuwait-based company, although discussions are still in progress. Bank of America Corp has been engaged to identify potential buyers for this notable investment. UASC holds a 39.4% stake in UACC, which operates a specialized fleet comprising four LR1 tankers and twenty MR product tankers. Other stakeholders in UACC include Gulf International Bank from Bahrain, Yusuf Bin Ahmed Kanoo Holding, and Qatar’s Milaha, each possessing a 10.5% share. Recent valuations from VesselsValue.com estimate the total market worth of UACC's fleet at approximately $530.75 million. As UASC navigates this pivotal phase, industry observers will be closely monitoring the developments surrounding both the divestiture and the merger.