EMEA News
UASC Gets $190M Bank Financing for Dual-Fuel Ships
United Arab Shipping Company S.A.G. (UASC) says it has received $190 million in financing for two of its planned dual-fuel newbuild containerships from Burgan Bank's Corporate Banking Group.
The money will go to two 14,000 twenty-foot equivalent unit (TEU) vessels that are part of a 17-ship order with Hyundai Heavy Industries (HHI)'s shipyard in South Korea.
The ships will be capable of operating on fuel oil or liquefied natural gas (LNG).
"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," said UASC President and CEO Jorn Hinge.
"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."
The entire order includes 11 vessels of 14,000 TEU and six of 18,000 TEU.
"As the UASC vision is 'Linking the Middle East to the World' we appreciate Burgan Bank for supporting this facility," said UASC Chief Financial Officer Basil Al Zaid.
"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."
UASC said in March that the total price of the 17-ship order was nearly $2 billion.
