JEDDAH, 20 May 2005 — United Arab Shipping Company (UASC) recorded many achievements in 2004. “2004 was a year of record achievements for UASC, as the container trade continued to experience growth in volumes and improved freight rates,” UASC chairman Dhiyaa Habeeb F. Al-Khayoun told the company’s 28th general assembly meeting held in Dubai yesterday.
“During this year, the company registered an annual turnover of $982 million and a net profit of $135 million, thereby achieving profitable financial results for 10 years consecutively,” Al-Khayoun said briefing the meeting about the company’s activities, achievements and audited financial results for 2004.
The past year has further strengthened the financial position of UASC, whose accumulated profit at the end of it increased to $155 million after allocations to the statutory reserves. Accordingly, the general assembly has declared a dividend equivalent to six percent of the paid-up capital, which amounts to $59.472 million.
Jorn Hinge, chief trade and operating officer of the company, said UASC achieved another landmark record of transporting over one million TEUs in addition to 890,000 freight tons of general cargo.
The company’s strong performance in 2004 was due to a combination of favorable conditions prevailing in the liner markets and its efforts to improve operational efficiency and control costs. During the year, the company adopted a growth strategy, part of which was to order eight 6,800 TEU high-speed containerships that will be completed and delivered in 2008.
The board of directors expressed their sincere appreciation for the governments of the shareholding states (Saudi Arabia, Qatar, Kuwait, UAE, Bahrain and Iraq) and expressed the company’s gratitude to the public and private sectors as well as its worldwide customers for their continued support to UASC. Special appreciation was extended for the efforts of the company staff.
Dhiyaa said that Acting President & CEO Khalifa Al-Shebli could not be present as he was briefly indisposed and announced the appointment of Ken Bloch Soerensen as the company’s new president and CEO. Soerensen has been working as executive director of European Liner Affairs Association Brussels, Belgium - an industry association that represents top 25 container lines’ interests in Europe particularly vis-à-vis the European commission and other institutions. Prior to this, Soerensen had 23 years experience in the container transportation industry including his association with A.P. Moller - Maersk and senior management positions with APL.
Soerensen will take his new position with effect from July 1. The chief trade and operating officer reported the estimated financial results for the 1st quarter of 2005 during which the company achieved a profit of $30 million as compared t the profit of $22.8 million, registered for the same period in 2004.