United Arab Shipping Company (UASC) has announced the completion of its largest newbuild order ever.
The company announced a final 18,000 TEU vessel that will join 16 other vessels, at a cost of US$2 billion.
The gigantic construction order placed with Korean construction company Hyundai Heavy Industries (HHI) will consist of eleven 14,000 TEU vessels and six 18,000 TEU vessels.
UASC hosted a signing ceremony in Dubai, with the contract completed by UASC chairman of the board of directors, His Excellency, Salem Ali Al Zaabi and Mr Y. J. Ji of HHI.
Representatives from both UASC executive management, and senior members of HHI also attended to celebrate the event.
His Excellency Mr. Salem Ali Al Zaabi remarked, “With the exercising of this final purchase option for one 18,000 TEU vessel, UASC completes its current newbuild order in full. Today thus marks another important milestone in UASC’s transformation and growth story.”
“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.”
“UASC is committed to improving 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. With deliveries of the 17 vessels scheduled to begin in late 2014, the Company is now fully engaged in implementing its growth strategy.”
“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. This brings a clear benefit to our customers and UASC is proud to be a leader in the industry in these respects. All of these new ships will enjoy the most advanced fuel economy in the industry including, among others, being delivered as ‘LNG ready’; a first in the industry for vessels of this size.” He Continued.
Mr. Ji showed the same sentiment, stating “The completion of this significant newbuild order between UASC and HHI is an important step in our four decade long relationship. HHI is proud to be supporting UASC in the construction of these advanced vessel designs.”
The newbuilds are scheduled for delivery from late 2014, to the latter half of 2015, respectively.