United Arab Shipping Company (UASC) has placed orders worth over $2 billion for very large container ships with South Korea's Hyundai Heavy Industries., reports Trade Arabia.
UASC has ordered five vessels of 18,000 twenty-foot equivalent units (TEU) each, and five 14,000 TEU vessels. The ships are to be delivered starting in late 2014.
In addition, UASC has signed options to buy one additional 18,000 TEU vessel and six 14,000 TEU ships. The price tag of over $2 billion includes those options says Trade Arabia, citing the shipowners.
Source: Trade Arabia