Saudi Bahri said to be among bidders for UASC-linked shipping unit

National Shipping Company of Saudi Arabia (Bahri), and Qatar’s Milaha Maritime and Logistics, among other GCC investors, have been said to show interest in buying the $200 million United Arab Chemical Carriers (UACC), which is 45 percent owned by United Arab Shipping Company (UASC), a Reuters report said citing unnamed sources.

The unit sale is essential to finalizing the 7-8 billion euro merger deal between UASC and German container shipping line Hapag Lloyd (HLAG.DE).

Last week, sources told Reuters that Hapag Lloyd was close to completing the merger after UASC shareholders agreed the terms of an outstanding debt payment.

Sources have told Reuters that if a buyer cannot be found for UACC, UASC's top shareholder Qatar and Hapag Lloyd may have to acquire the shareholding in the unit as part of the merger.

Sources say proceeds from the sale of UACC will be used to pay down existing debt that has been financed by a facility provided by Qatar National Bank (QNB).