United Arab Shipping Co is exploring the option of cashing in its chips in tanker company United Arab Chemical Carriers, it emerged today.
Bank of America Corp is handling the process, which follows a planned takeover of UASC’s container fleet by Hapag-Lloyd.
Bloomberg reports that the sale could value the UACC fleet at above $600m.
This is some way from the $530m figure VesselsValue has against the 24 ship fleet today.
The Bloomberg report suggests UASC owns a 95% stake in the tanker fleet.
VesselsValue places its ownership interest at just short of 40%, with Gulf International Bank, Yusuf Bin Ahmed Kanoo Holding and Milaha each controlling just over 10% each.
Its last annual report published in 2012 said the company has 19 shareholders in total.
Brokers note the fleet contains both tankers of high specification for specific trades and some more standard ships.
Sources tell TradeWinds there is buying interest for the fleet among established shipping names.
While the development was fresh news to some, it is understood the option has been under review at UASC for several months.
Hapag-Lloyd last month received board approval for a deal that will see the German line take over UASC’s container business.
Today’s report suggests that the liner transaction is a driver for the potential tanker move but stresses a final decision on the disposal of the tankers has not been made.
