Three Middle East companies interested in bidding for United Arab Chemical Carriers

UACC FALCONThree Middle East companies were linked with bidding for acquisition of United Arab Chemical Carriers, after putting the company in the sales list. Among the potential interested bidders are Saudi Arabian shipping company Bahri and Qatari shipping group Milaha, as well as Dubai-based Gulf Navigation Holding. The sale of United Arab Chemical Carriers, in which United Arab Shipping Company (UASC) holds the biggest stake, is part from the nine-billion-dollar merger deal between the Hapag Lloyd and UASC. However, the interest of all the companies is in early stage and negotiations are ongoing.

The last obstacle before the completion of the merger deal between Hapag Lloyd and UASC was almost overcome after shareholders agreed terms to repay outstanding debt. Part from this is the sale of United Arab Chemical Carriers (UACC), where UASC holds stake of 45%.

UACC was established in Dubai International Financial Center in 2007, and is a private company owned by both strong industrial companies and key individuals in the region. UACC is strategically well located in a region which is witnessing strong economic growth and is fast emerging as the largest exporting hub for petrochemicals and petroleum products. The company has fleet of 24 vessels with total deadweight of 1.14 million DWT and average age of 9 years, which have estimated value of 478.7 million USD.