United Arab Shipping Company finalized a $302 million loan facility to finance the acquisition of three remaining container vessels of 13,100 20-foot equivalent units capacity.
The original order for nine ships is worth $1.5 billion. The first vessel is due for delivery in May.
South Korea's Export-Import Bank financed 70 percent of the loan for the so-called A13 ships, which are being built by the nation's Samsung Heavy Industries.
The remaining 30 percent is being arranged by BNP Paribas, Industrial and Commercial Bank of China and Ahli United Bank.
UASC is No. 26 on The JOC Top 40 container carriers in U.S. export trade lanes.
"Less than three months separates us from the delivery of our first A13 on order, and concluding this facility reaffirms UASC's steadfast commitment towards growing its fleet," said Jorn Hinge, president and CEO of Kuwait-based UASC.
"The fleet of A13s will significantly improve UASC's cost base and enable it to compete head-to-head with other industry majors,” he said.
"This facility served to further consolidate the existing collaborations (with BNP and Ahli United Bank) and has also allowed UASC to establish new strategic relationships with Kexim and ICBC, which we believe will scale up in the coming years due to our company's renewed interest in increasing our sourcing from Korea and China," said UASC chief financial officer Basil Al-Zaid.
UASC closed on a $1.1 billion loan in 2010 to pay for six 13,100 TEUs ships that are also being built by Samsung.
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