UASC adds 17th LNG-ready box ship to HHI order

MARCH 10, 2014 — Dubai headquartered United Arab Shipping Company (UASC) has exercised a final option at South Korea's Hyundai Heavy Industries, adding an additional 18,000 TEU containership to eleven 14,000 TEU and five 18,000 TEU vessels already on order. The now 17 vessel shipbuilding order is the largest in UASC's history and is worth over US$ 2 billion. The order features vessels that will be amongst the largest, most technologically advanced, and most environmentally friendly container vessels ever built.

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 at a ceremony in Dubai hosted by UASC.

"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 Mr. Al Zaabi." 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."

The 14,000 TEU and 18,000 TEU newbuildings are scheduled for delivery from late 2014 and from the first half of 2015, respectively.