Hyundai Heavy wins ultra-large boxships from UASC order for $1.4 billion

By Finance

United Arab Shipping Company (UASC)* has decided to give order to Hyundai Heavy Industries (HHI)*, the world’s biggest shipbuilder, to build 5 18,000 TEU class and 5 14,000 TEU class container ships for $1.4 billion.

The 18,000 TEU class boxships and 14,000 TEU class boxships are expected to be ready in the end of 2014 and in the beginning of 2015. The deal includes options exercisable by UASC to ask an additional 18,000 TEU class container ship and 6 additional 14,000 TEU class box ships.

Hyundai Heavy will build the vessels with an electronically-controlled main engine to make the ships more fuel efficient, and reduce noise, vibrations, and carbon emissions by automatically controlling fuel consumption to maintain the speed according to sea conditions.

Hyundai Heavy Industries (HHI) has a lot of experience of building different container vessels and has the ability to to deliver the massive volume of ships in the short period in cooperation with its shipbuilding affiliate Hyundai Samho Heavy Industries.

United Arab Shipping Company (UASC)
The company was started in July 1976, jointly by 6 shareholding Arab states of the Persian Gulf (Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and U.A.E). The UASC is located in the State of Kuwait with a Corporate Office in Dubai, giving regional servicing for the Middle East and west Africa region from Dubai, the European region from London, the Far East and Australia region from Singapore, and the North American region from Cranford - New Jersey.

The United Arab Shipping Company's fleet operates in the Middle East to Europe, the Mediterranean, Indian Sub-continent, Far East, West Africa and the Americas.

Hyundai Heavy Industries (HHI)
The company is created in 1972 and has become the world’s leading heavy industries company by successfully diversifying from shipbuilding into offshore and engineering, industrial plant and engineering, engine and machinery, electro electric systems, construction equipment, and green energy businesses.