ShippingWatch

UACC achieves first positive result in 5 years

United Arab Chemical Carriers, which is in merger talks with Qatar Navigation, achieved a positive bottom line in 2014, CEO Per Wistoft tells ShippingWatch. After the first quarter, the carrier has reached 60 percent of the annual budget. "The product tanker market is exceptional."

Photo: UACC

For the first time in five years, the Dubai-based product and chemical tanker carrier United Arab Chemical Carriers (UACC) is able to present a profit on the bottom line, reveals CEO Per Wistoft about a year and a half after taking over the CEO position from Jens Grønning, who is currently the CEO of Team Tankers, formerly Eitzen Chemical.

"Jens left behind a solid foundation and we have delivered what we promised and even more. We had an EBITDA of USD 38 million and the profit was significantly better than what we had expected. We are very pleased and this is a result of the strategy that we laid out in the fall of 2013," says Per Wistoft to ShippingWatch and continues:

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