Posted on April 25, 2016
Germany’s Hapag-Lloyd is in talks to merge with United Arab Shipping Company (UASC), representing the latest move in the container market to battle a faltering global economy and too many ships.
Hapag-Lloyd shares hit a three-month high on Thursday as it said the talks were based on its shareholders owning 72 percent of the combined business and UASC’s shareholders the rest.
Global container shipping, which transports everything from iPhones to designer dresses, is suffering its worst downturn as a combination of weaker consumer demand and overcapacity have forced lines to cut costs and try to build scale.
READ FULL ARTICLE HERE
