Hyundai Heavy Secures $2b Boxship Gig

United Arab Shipping Company (UASC) has placed an order for six additional 14,000 TEU vessels bringing the total number of newbuildings to 16.

The order has been placed with Hyundai Heavy Industries (HHI) in Korea and is the largest in UASC’s history, worth over $ 2 billion including all options. The order features vessels that will be amongst the largest, most technologically advanced, and most environmentally friendly container vessels ever built.

UASC hosted a signing ceremony in Dubai where the newbuilding contract was signed by His Excellency Salem Ali Al Zaabi, Chairman of the UASC Board of Directors, and by Mr. Y. J. Ji of HHI. The ceremony was also attended by UASC President & CEO, Mr. Jorn Hinge, and other members of the senior management teams of UASC and HHI.

His Excellency Mr. Salem Ali Al Zaabi remarked, “The exercising of these vessel purchase options is an integral part of the newbuilding contract that UASC signed in August 2013. This vessel order positions UASC to deliver on its long-term growth objectives and the unique design features of the vessels ensure that UASC will set new industry benchmarks for fuel economy and environmental performance.”

The 14,000 TEU and 18,000 TEU newbuildings included in the overall order are scheduled for delivery from late 2014 and from the first half of 2015, respectively.

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Press Release, February 3, 2014