Middle East

UACC secures $300m loan

Dubai: Fast growing United Arab Chemical Carriers (UACC) has fixed a $300m credit facility to accommodate five newbuild tankers which are joining the fleet in the first half of this year.

Six international banks signed up for the loan.

UACC chairman Waleed al-Dawood said the loan put UACC “in a secure place and an ideal position for further growth in the years to come”, while ceo Per Wistoft commented: “We believe the time is right to invest.” [13/05/14]


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