UASC Signs Credit Facility for Two Containership Newbuildings

By George Backwell
Tuesday, May 27, 2014
Principals at signing ceremony: Image UASC

United Arab Shipping Company S.A.G. (UASC) informs it has concluded a bilateral facility worth USD 190 million with Burgan Bank’s Corporate Banking Group to finance the acquisition of two 14,000 TEU vessels from among UASC's new building order of 17 vessels comprised of eleven 14,000 TEU vessels and six 18,000 TEU vessels.

UASC explains it has ordered these ultra large container ships from Hyundai Heavy Industries Co. Ltd.  shipyard in South Korea. The giant box-ships, which are state of the art vessels capable of running on conventional fuel and liquefied natural gas, are scheduled for delivery starting in fourth quarter of 2014.

Mr. Basil Al Zaid, Chief Financial Officer of UASC, commented on the transaction, “Our established strategic relationship with Burgan Bank, further cemented through this transaction, demonstrates the close co-operation between UASC and Burgan Bank. As the UASC vision is ‘Linking the Middle East to the World’ we appreciate Burgan Bank for supporting this facility. Burgan Bank has showed strong support for the project from the initial stages working alongside other stakeholders to ensure the successful implementation of UASC’s financial strategy and expansion plans to offer comprehensive and cost competitive shipping solutions to clients worldwide.”

Mr. Jorn Hinge, UASC President & Chief Executive Officer, also 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.”

Mr. Raed Al-Haqhaq, Burgan Bank’s Chief Banking Officer – Senior General Manager, commented, “We at Burgan Bank are committed to support a reliable partner such as UASC on their growth journey. Burgan Bank’s corporate banking group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans at every stage of the business cycle.”
                                                          

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

Contracts

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

Shipbuilding

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

SSI Launches ShipConstructor 2015 R2.1

SSI has today released ShipConstructor 2015 R2.1 software.   The software release comes in response to emerging ship design, engineering and building trends as

HII Acquires Engineering Solutions Division

Huntington Ingalls Industries (HII) has acquired the Engineering Solutions Division of The Columbia Group, a designer and builder of unmanned underwater vehicles

Finance

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Container Ships

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

Congestion is Port of Long Beach’s Toughest Issue

Slangerup’s State of the Port address outlines goals for Energy Island, smarter supply chain   In his first-ever State of the Port address, Port of Long Beach

Imabari Bags Order for 11 ULCCs

Imabari Shipbuilding Co., Ltd. (Imabari), with the cooperation of Marubeni Corporation, has secured newbuilding order for eleven (11) units of 20,000TEU Ultra-Large Container Carriers,

Middle East

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

Russia – Turkey Gas Pipeline Approved

Ankara hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Taner Yildiz, Turkish Minister of Energy and Natural Resources.

Libya Returns Fuel Tanker to Rival Government

Libya's recognized government has released a tanker forced to dock at a port under its control after originally banning it from delivering fuel to its rival administration,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2274 sec (4 req/sec)