Middle East

Financing secured for two UASC newbuilds

Dubai: Fast growing containerline United Arab Shipping Company (UASC) has concluded a bilateral facility worth $190m with Burgan Bank’s Corporate Banking Group to finance the acquisition of two 14,000 teu vessels from among UASC's newbuilding order of seventeen vessels comprised of eleven 14,000 teu vessels and six 18,000 teu vessels, all at Hyundai Heavy Industries in South Korea.

Jorn Hinge, UASC president and ceo, remarked, “In an environment where fuel oil remains the largest cost driver in the industry, our cutting-edge vessel designs have been developed with a clear focus on improving cost efficiency and enhancing environmental friendliness. We are first-movers with these green newbuildings that will be equipped for LNG duel fuel for the first time in the long haul container trades.”  [27/05/14]


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