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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

List: Top Five UK Ship Owners

Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Contracts

AWO Authorizes ClassNK to Perform RCP Audits

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program,

Radio Holland Wins Contracts for Canadian Coast Guard Vessels

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement,

Young Brothers Orders Four New Tugs from Conrad

Young Brothers, Limited, Hawai‘i’s largest inter-island cargo service provider, and Conrad Shipyard, signed a contract to build four new tugs, a nearly $80 million

Shipbuilding

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

Future LCS Charleston’s Keel Authenticated

A ceremony was hosted to celebrate the keel authentication of the U.S. Navy's future USS Charleston (LCS 18), the ninth Independence variant littoral combat ship, June 28.

Hybrid RoPax Ferry Delivered to Royal TESO

Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO).   This latest generation symmetrical ferry is powered by efficient,

Finance

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Baltic Index Rises on Greater Vessel Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by demand that is driving rates up across vessel segments.

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL).    Following its all-cash voluntary conditional

Container Ships

UASC Shareholding States Vote to Back Hapag-Lloyd Merger

United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday.

FMC's Doyle Addresses VGM Rules

U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement on the upcoming implementation of the SOLAS Convention’s verified gross mass (VGM) requirements:   On Friday,

Essberger Fleet Moves to Marlink’s Sealink VSAT Service

The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service.

Middle East

Agthia Signs 25-year Lease in Abu Dhabi

Abu Dhabi Ports and Agthia Group PJSC have signed a lease agreement aimed at expanding the group’s existing Grand Mills Flour and Animal Feed facilities at Zayed Port.

DMCA Showcases Local Maritime Leadership

Dubai Maritime City Authority (DMCA) showcased Dubai's global maritime leadership in the presence of a high-level delegation from City of Glasgow College who commended

210 Ships Pass Through Suez Canal Last Week

Suez Canal traffic data revealed that 210 ships transited the canal, with a total load of 12.8m tonnes, from 19 to 23 June.   An average of 42 ships transited the canal per day during that period,

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Winch
rss | archive | history | articles | privacy | 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: 0.1215 sec (8 req/sec)