The United Arab Shipping Company said it signed a $275 million multi-currency loan facility to finance the acquisition of three container ships of 13,100 20-foot equivalent units capacity.
The Dubai-based carrier said the financing of the three A13 ships, together with an additional six similar vessels, completes its $1.5 billion contract with South Korea's Samsung Heavy Industries shipyard.
"The A13s will significantly improve UASC's cost base to enable the company to compete head-to-head with other industry majors," said UASC President and Chief Executive Officer Jorn Hinge.
UASC said the ships will be equipped with the latest Waste Heat Recovery technology making them among the "greenest" vessels on the market.
Qatar National Bank was the lead bank in the financing, which also involved the Commercial Bank of Qatar, Doha Bank, Kuwait's Burgan Bank and Al Khaliji Commercial Bank.
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