United Arab Shipping Company $162 million Enhanced Maritime Trust Certificates (EMTC) issue

Private placement of bonds/notes

$ 162 million




  • United Arab Shipping Company (UASC) has issued $162 million in Enhanced Maritime Trust Certificates (EMTC).
  • The EMTCs were issued by a US trust via a private placement Reg S issue with the proceeds used to finance two new container vessels registered in Malta.
  • Deutsche Bank and Citigroup acted as joint bookrunners.
  • EMTCs are based on the existing Equipment Trust Certificate (ETC) system, trust certificates are sold to investors with the funds raised used to finance the purchase of an asset (e.g. a container ship) by a trust managed for the investors. The trust leases the asset with investors receiving payments through the trust.
  • An 'Enhanced' issue has different classes of securities in the issue.
  • The deal represents the first time the ETC structure has been adapted for use in the shipping industry.
  • The deal comes in the context of a proposed merger between UASC and Hapag-Lloyd.

Sam Duke - Editor


United States

Deal type:

Private placement of bonds/notes

Practice areas:

Capital markets : Debt
Capital markets : Structured finance and securitisation

Industry sector:



Party: United Arab Shipping Company (Originator)

Lawyer: Samer Qudah

Party: United Arab Shipping Company (Originator)

Party: United Arab Shipping Company (Originator)

Lawyer: Max Ganado

Party: United Arab Shipping Company (Originator)