UASC Exercises Final Newbuild Option with Hyundai Heavy

UASC SCHUAIBA, containership
Image: R.Almeida/gCaptain

United Arab Shipping Company (UASC) announced over the weekend the exercising of their final option for a sixth 18,000 TEU containership from Hyundai Heavy Industries.  The container shipper’s $2 billion newbuild order of 17 ships includes eleven 14,000 TEU vessels.

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 newbuilding 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 improve 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.

UASC notes that all the newbuilds will be delivered “LNG ready” between late 2015 and the first half of 2015.