German-based shipping line Hapag-Lloyd yesterday announced the successful completion of United Arab Shipping Company’s integration into the group.
Hapag-Lloyd is now the fifth-largest liner shipping company in the world with over 12 000 employees and a fleet of 215 modern container ships offering 125 liner services in its global network.
“Thanks to the very good cooperation of our teams we have managed to successfully implement this integration in just six months,” said Hapag-Lloyd CEO Rolf Habben Jansen.
According to a statement, the operating businesses, IT systems and different fleets of both companies were brought together within the six months following the merger in May this year.
“Already in 2018 we will benefit from the merger of the two shipping companies due to significant cost reductions,” added Habben Jansen.
The shipping major expects annual synergies of US$435 million as a result of the merger.
