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UASC closes in on another $1bn order

Fast-growing United Arab Shipping Co (UASC) is in advanced negotiations with Korean yards for another $1bn order, sources tell Splash.

UASC is discussing a seven-plus-seven option deal for 11,000-teu ships and has whittled the number of shipyard candidates down to four: Hyundai Heavy Industries, Samsung Heavy Industries, Hanjin Heavy Industries & Construction and STX Offshore and Shipbuilding.

The negotiations have been ongoing for months – and had stalled at one point. UASC is asking for a very high-spec construction, similar to its recent set of newbuilds, which the Middle Eastern firm has trumpeted as the greenest ships ever built.

UASC, with 482,617 slots in its box fleet according to Alphaliner, is the world’s 15th largest liner and among the fastest growing.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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