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

United Arab Shipping Company (UASC) has inked a $190m loan facility with Burgan Bank to finance two 14,000 teu containership newbuildings.

Marcus Hand, Editor

May 26, 2014

1 Min Read
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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.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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