UASC inks $190m loan with Burgan Bank to fund newbuildings

The two vessels form part of a 17 ship order at Hyundai Heavy Industries worth over $2bn and comprising eleven 14,000 teu ships and six 18,000 teu vessels.

“Our established strategic relationship with Burgan Bank, further cemented through this transaction, demonstrates the close co-operation between UASC and Burgan Bank,” said Basil Al Zaid cfo of UASC.

The two boxships, which are LNG ready for conversion to run on natural gas, are due to be delivered in the fourth quarter of this year.

“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 Jorn Hinge president and ceo of UASC. “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.

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