UASC funds two more

United Arab Shipping Company (UASC) has fixed up a new $190m loan to finance two containership newbuildings in Korea.

The Middle East company said the facility will fund two 14,000-teu vessels at Hyundai Heavy Industries (HHI).

They are part of the owner’s 17-ship newbuilding programme, which consists of 11 14,000-teu vessels and six 18,000-teu giants.

The dual-fuel ships are due from the fourth quarter of 2014.

Basil Al Zaid, UASC CFO, said: “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.”

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