Hapag-Lloyd and UASC will be merged at the end of this year, giving rise to what will be the world's fifth-largest container carrier.
The merger will provide savings of approximately USD 400 million for the combined carrier. And this money will come from economies of scale, not the termination of jobs, says UASC chief executive Jørn Hinge.
More from ShippingWatch
A VAT dispute in Latvia has now left ferry operator DFDS with millions of kroner in extra costs and a future of navigating a bureacratic minefield. However, the Danish carrier predicts challenges throughout the industry: ”It is only when it’s actually happening, that you realize it is a problem,” warns the company’s indirect tax manager.