UASC signs US$2 billion deal for new ships

Contract is for some of the greenest and largest container vessels.
Hyundai Heavy Industries, Uasc, NEWS


United Arab Shipping Company (UASC) has announced a US$2 billion order with Hyundai Heavy Industries (HHI) for a vessel newbuilding programme for some of the greenest and largest container vessels in the world.

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 on Thursday, August 29 where the newbuilding contract was signed with HHI for five 18,000 TEU vessels and five 14,000 TEU vessels. The order includes options for one additional 18,000 TEU vessel and six additional 14,000 TEU vessels.

The contract was signed by Dr Abdul Aziz Al-Ohaly, UASC board director, and by O.H. Kim, HHI president and chief operating officer. The ceremony was also attended by Sheikh Ali Bin Jassim Al Thani, UASC board director; Jorn Hinge, UASC president and chief executive officer, and Basil Al-Zaid, UASC chief financial officer. Other members of the senior management teams of UASC and HHI and representatives from several of UASC’s strategic partners also joined the ceremony.

Dr Al-Ohaly said: “UASC makes history today with its largest ever newbuilding order. This is a critical step for the company to deliver on its long-term growth objectives. In addition, UASC hopes to set new benchmarks for fuel economy and environmental performance.”

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


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