United Arab Shipping Company signs $190m loan

28 May 2014

United Arab Shipping Company will use funds to finance the acquisition of two vessels

Kuwait-based United Arab Shipping Company (UASC) has signed a $190m loan with Burgan Bank to finance the acquisition of two vessels with a capacity of 14,000 20-foot equivalent units (TEUs).

The acquisitions are part of an order of 17 vessels in total, of which 11 are 14,000 TEUs and six can carry up to 18,000 TEUs.

UASC ordered the container ships, which can carry conventional fuel and liquefied natural gas, from Hyundai Heavy Industries. They are scheduled for delivery in the fourth quarter of 2014.

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