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United Arab Shipping seeks $700m loan

United Arab Shipping seeks $700m loan

Dubai: Kuwait-based United Arab Shipping is currently in negotiations with banks to secure a $700m loan to fund its fleet expansion, reports Reuters. The company, which currently has a fleet of 33 vessels, is the largest ocean carrier for dry cargo to the Middle East. It plans to double capacity from its present 90,000teu to 190,000teu in the near future to keep up with growing regional demand.  [22/10/07]

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