UASC reports profits, appoints Soerensen CEO

UASC reports profits, appoints Soerensen CEO    United Arab Shipping Co. has reported increased profits for the first quarter and appointed Ken Soerensen, the outgoing executive director of the Brussels-based European Liner Affairs Association, as its new president and chief executive officer, effective July 1.
   Soerensen will succeed Khalifa Al Shebli, acting president and CEO.
   Soerensen has 23 years of experience in the container transportation industry, including with A.P.Moller-Maersk and APL.
   UASC said it made an estimated first quarter profit of $30 million, up from $22.8 million in the same quarter last year.
   At its general assembly meeting Thursday in Dubai, UASC adopted the audited financial report for the year ended Dec. 31. During the year, the company had revenue of $982 million and a net profit of $135 million, its 10th consecutive yearly profit.
   “The company’s strong performance in 2004 was due to combination of favorable conditions prevailing in the liner markets and its efforts to improve operational efficiency and control costs,” UASC said.
   The company’s general assembly declared a dividend equivalent to 6 percent of the paid up capital.
   Dhiyaa Habeeb F.Al-Khayoun, chairman of UASC, said 2004 was a year of record achievements for UASC as the container trades continued to experience growth in volumes and improved freight rates. The Middle Eastern shipping line shipped over one million TEUs in addition to 890,000 freight tons of general cargo in 2004.
   During 2004, the company also adopted a growth strategy that included the order of eight 6800-TEU containerships, due to be delivered in 2008, for its Asia/Middle East/Europe liner service.