Hyundai Heavy is All Smiles After Receiving $2 Billion Containership Order

His Excellency Salem Ali Al Zaabi, Chairman of the UASC Board of Directors, and Mr. Y. J. Ji of HHI
His Excellency Salem Ali Al Zaabi, Chairman of the UASC Board of Directors, and Mr. Y. J. Ji of HHI

The smile on Mr. Y.J.Ji of Hyundai Heavy Industries (HHI) pretty much says it all.  His company just signed a newbuild order today with United Arab Shipping Company (UASC) for an additional six, 14,000 TEU containerships. UASC notes that at a total contract value of over USD $2 billion, this is the largest order in their company’s history and brings the total order to 16 ships.

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 Mr. Y. J. Ji of HHI. The ceremony was also attended by UASC President & CEO, Mr. Jorn Hinge, and other members of the senior management teams of UASC and HHI.

His Excellency Mr. Salem Ali Al Zaabi remarked, “The exercising of these vessel purchase options is an integral part of the newbuilding contract that UASC signed in August 2013. 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.