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United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its latest key financial figures, says Alphaliner.
The first-time revealed UASC financial figures uncover more than $4bn of debt incurred during a major fleet expansion programme and a net loss of $384m last year, were described by analyst Alphaliner as “UASC’s dismal financial performance laid bare”.
Comment on this article
Steve McCormack
August 26, 2016 at 2:43 pmNo problem at all. UASC, with the backing of the Gulf-governments will never sink. They will pay the 4bn USD from the petty-cash-box. That will be the last carrier who is getting into trouble. Jorn Hinge did a marvellous job by leading UASC for so long.