UASC, Burgan Bank Sign $190 Mln Facility

United Arab Shipping Company S.A.G. (UASC) has announced the conclusion of a bilateral, USD 190 million facility with Burgan Bank’s Corporate Banking Group to finance the acquisition of two 14,000 TEU vessels.

The facility is a part of UASC’s new building order of seventeen ships, among which are eleven 14,000 TEU vessels and six 18,000 TEU vessels.

UASC has ordered these ultra large container ships from Hyundai Heavy Industries Co. Ltd. shipyard in South Korea. The giant box-ships, which are state of the art vessels capable of running on conventional fuel LNG, are scheduled for delivery starting in fourth quarter of 2014.

Mr. Basil Al Zaid, Chief Financial Officer at UASC, said: “Our established strategic relationship with Burgan Bank, further cemented through this transaction, demonstrates the close co-operation between UASC and Burgan Bank.

Burgan Bank has shown strong support for the project from the initial stages working alongside other stakeholders to ensure the successful implementation of UASC’s financial strategy and expansion plans to offer comprehensive and cost competitive shipping solutions to clients worldwide.”

Mr. Raed Al-Haqhaq, Burgan Bank’s Chief Banking Officer – Senior General Manager, said: “We at Burgan Bank are committed to support a reliable partner such as UASC on their growth journey.

Burgan Bank’s corporate banking group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans at every stage of the business cycle.”

[mappress]
May 26, 2014