FEBRUARY 3, 2014—United Arab Shipping Company (UASC) reports it has exercised options for six additional 14,000 TEU vessels, bringing its total order to 16 ships with Korean shipbuilder Hyundai Heavy Industries (HHI) in Korea. The order is the largest in UASC’s history, worth over $2 billion including all options. The order features vessels that will be among the largest, most technologically advanced, and most environmentally friendly container vessels ever built.
UASC hosted a signing ceremony in Dubai where the newbuilding contract was signed by His Excellency Salem Ali Al Zaabi, Chairman of the UASC Board of Directors, and by Y. J. Ji of HHI. The ceremony was also attended by UASC President & CEO, Jorn Hinge, and other members of the senior management teams of UASC and HHI.
“The exercising of these vessel purchase options is an integral part of the newbuilding contract that UASC signed in August 2013," says His Excellency Salem Ali Al Zaabi. "This vessel order positions UASC to deliver on its long-term growth objectives and the unique design features of the vessels ensure that UASC will set new industry benchmarks for fuel economy and environmental performance.”
The 14,000 TEU and 18,000 TEU newbuildings included in the overall order are scheduled for delivery from late 2014 and from the first half of 2015, respectively.