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UASC orders $2bn of container ships from HHI

UASC options six extra HHI 14,000 TEU vessels bringing total to 16

In total, the order received by HHI is worth in excess of $2bn, making it the largest ever placed by UASC.
In total, the order received by HHI is worth in excess of $2bn, making it the largest ever placed by UASC.

United Arab Shipping Company (UASC) has announced that it has exercised options for six additional 14,000 TEU vessels from Hyundai Heavy Industries (HHI).

Bringing the total order to 16 ships, the deal – worth more than $2bn – is the largest in UASC’s history. The HHI ships will be amongst the largest, most technologically advanced, and environmentally friendly container vessels ever to be constructed, according to the Middle East shipping firm.

“The exercising of these vessel purchase options is an integral part of the newbuilding contract that UASC signed in August 2013,” said His Excellency Salem Ali Al Zaabi, chairman of the UASC board of directors. “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 the new industry benchmarks for fuel economy and environmental performance.”

A host of UASC and HHI senior management members, including Al Zaabi, attended the official signing ceremony in Dubai.

Both the newly optioned 14,000 TEU units and the 18,000 TEU newbuildings included in the original proposal are scheduled to be delivered by HHI over a period spanning late 2014 and the first half of 2015.

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