Felistowe Dockers

Felistowe Dockers

Thursday, 25 August 2016

UASC's Dismal Performance

By Aiswarya Lakshmi
Thursday, August 25, 2016, 3:39 AM

 United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.
The first-time revealed UASC financial figures uncover more than $4bn of debt incurred during a major fleet expansion program and a net loss of $384m last year, were described by analyst Alphaliner as “UASC’s dismal financial performance laid bare”.
Revenues for the last year reached $3,318M. These figures were provided by Hapag-Lloyd as part of the disclosures for an upcoming Annual General Meeting, scheduled to be held in Hamburg at the end of August. 
UASC’s poor financial performance has continued in 2016 with an operating loss of -$132 M and net loss of -$201 M on revenues of $1,532 M in the first six months of this year. 
UASC’s financial records have been a commercial secret until now as it was a private company. Its total financial debts as at June 30, 2016 were $4.06bn against an equity base of just $1.89bn.
At this occasion, the German carrier is seeking shareholders’ approval to amend its capital structure to complete a planned merger with UASC.
UASC’s equity position fell short of the minimum threshold of $1,950 M that was agreed with Hapag-Lloyd under the terms of the planned merger. This could mandate a compensatory payment by UASC shareholders at the time of merger’s completion.

Mighty MSC Maya sails – up close, Part 1, 22 August 2016

Up close and personal as Ultra Large Container Ship MSC Maya prepares to sail, and tug Svitzer Stanford hooks up for her mammoth haul, evening of 22nd August, 2016.

Hyperloop One, DP World Sign Agreement To Pursue A Hyperloop Route In Dubai

"Hyperloop One is developing a new mode of transportation that will allow the world to transport people and goods inexpensively, safely, and with energy efficiency at speeds never thought possible," said Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World. "It is an innovative solution that holds tremendous potential for enhancing our operational efficiencies and ensuring smoother and faster trade flows. As a global trade enabler, we think ahead and foresee the future by being ready for it. The Hyperloop is an excellent example of positive future change and growth."
The feasibility study will assess the business case for using Hyperloop One technology to move freight from container ships docked at Jebel Ali to a planned DP World inland container depot. The study will provide preliminary details on the design of a right of way, capital and operating costs and potential project finance solutions.

"By eliminating the barriers of time and distance, we believe we can increase the volume of freight DP World moves through the port using a Hyperloop to a new inland depot, which supports more revenue and profit for all stakeholders," said Rob Lloyd, Hyperloop One. "A Hyperloop system fits very seamlessly with existing transportation corridors, minimizing any impact on urban Dubai and reducing freeway congestion and emissions."
By redirecting cargo to a new inland hub, DP World can free up space at Jebel Ali for profitable use. DP World could even use a submerged floating Hyperloop adjacent to its giant new Terminal 4 built on a man-made island. 
"By having a system where a box can be taken off a ship and dropped into the tube or pod, we are moving activity that would otherwise be on the island terminal as well as reducing the size of the terminal you need to build," said Peter Diamandis, CEO, XPrize Foundation/Founding Board Member, Hyperloop One.
In addition to the Dubai agreement, Hyperloop One now has feasibility studies underway in RussiaFinland and SwedenSwitzerland and the Port of Los Angeles and Long Beach. For more information about Hyperloop One Hyperloop One, please visit www.hyperloop-one.com.  
About Hyperloop OneHyperloop One is reinventing transportation by developing the world's first Hyperloop, an integrated structure to move passengers and cargo between two points immediately, safely, efficiently, and sustainably. Our team has the world's leading experts in engineering, technology and transport project delivery, working in tandem with global partners and investors to make Hyperloop a reality, now. Headquartered in Los Angeles, the company is led by CEO Rob Lloyd and co-founded by Executive Chairman Shervin Pishevar and President of Engineering Josh Giegel. For more information, please visit www.hyperloop-one.com.
Rick Jennings
Step 3 PR for Hyperloop One

SOURCE Hyperloop One

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