World News
UASC Exercises Final LNG-Ready Mega-Ship Option
United Arab Shipping Company (UASC) reports it has completed its largest ever newbuilding order by exercising its final option for an additional liquefied natural gas (LNG)-ready mega-container ship, bringing its total order to 17 ships.
The final 18,000 twenty-foot-equivalent unit (TEU) vessel brings the price of the order with Hyundai Heavy Industries (HHI) to nearly $2 billion.
"Among our other assets, these vessels and UASC's enhanced partnership agreements enable the Company to improve its competitiveness in the key trade lane between Asia and Europe where the 18,000 TEU vessels will be deployed," said Salem Ali Al Zaabi, Chairman of the Board of Directors.
"UASC is committed to improve its competitive position in all key trades in which it operates and especially in other key trades where the Company's existing 13,500 TEU and under-construction 14,000 TEU vessels will be deployed."
Delivery of the vessels, which will be capable of quick retrofitting to run on LNG once bunkering infrastructure for the fuel is available, will start in late 2014.
"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," Al Zaabi said.
"This brings a clear benefit to our customers and UASC is proud to be a leader in the industry in these respects."
UASC plans to build an LNG bunkering station in the Middle East to help supply fuel to the new ships.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.00 | 770.00 | 5.00 |
| Rotterdam | 602.50 | 1.00 | 762.00 | 2.50 |
| Houston | 630.50 | 4.00 | 796.50 | 2.50 |
| Fujairah | 648.50 | 0.50 | 900.00 | 4.50 |
| Global 20 Ports Average | 666.00 | 2.00 | 856.00 | 1.00 |
| Global 4 Ports Average | 632.50 | 0.50 | 807.00 | 1.00 |
| Global Average Bunker Price | 715.50 | 1.00 | 893.00 | 8.00 |
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