Two Billion Dollars? Worth of Container Ships Ordered

United Arab Shipping Company (UASC) has exercised options for six additional 14,000 TEU vessels bringing the total order to 16 ships. The order has been placed with Hyundai Heavy Industries (HHI) in Korea and is the largest in UASC's history, worth over US$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.

His Excellency Salem Ali Al Zaabi, Chairman of the UASC Board of Directors, said "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.

UASC is a global shipping company based in the Middle East. Founded in 1976, UASC is present in more than 75 countries around the world. The company is a major container shipping player in the Middle East region and adjacent markets, covering over 200 ports and destinations worldwide. UASC offers containerized and conventional cargo transportation, temperature controlled cargo and value added services to a diversified global client-base, covering the Middle East, Europe, Mediterranean, Indian Sub-continent, Far East, Australia, West Africa and The Americas.