UASC Inks USD 190 Mln Loan Deal with Burgan Bank

United Arab Shipping Company conluded 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 seventeen vessels comprised of eleven 14,000 TEU vessels and six 18,000 TEU vessels.

UASC has ordered these ultra large container ships from Hyundai Heavy Industries 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 the fourth quarter of 2014.

Jorn Hinge, UASC President & Chief Executive Officer, said: “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.”

[mappress]

Press Release, May 27, 2014; Image: UASC