Photo: Hapag-Lloyd
FRANKFURT, May 29 (Reuters) – Shareholders of German shipping group Hapag-Lloyd on Monday approved a $400 million rights issue to fund a planned merger with United Arab Shipping Company, a company spokesman said.
The two companies last week announced the completion of a deal to create the world’s fifth-biggest shipping company.
The embattled industry has been suffering from low freight rates and rising fuel costs, although rates did pick up in the second quarter.
The capital increase, approved at the company’s annual general meeting in Hamburg, is due to be completed within six months. (Reporting by Jan Schwartz; Writing by Vera Eckert; Editing by Tom Sims and Christoph Steitz)
(c) Copyright Thomson Reuters 2017.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Four sailors have been rescued from a life raft in the South Pacific after their yacht struck a whale and began taking on water about 250 nautical miles north of...
The Drewry World Container Index edged lower this week as falling Asia-Europe rates outweighed firmer pricing on the Transpacific, with carriers preparing another round of blank sailings ahead of China’s...
The container shipping market is still benefiting from geopolitical disruption and longer sailing distances in 2026, but a rapidly expanding fleet could turn that support into a supply problem next...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
