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UASC inks $275m loan

UASC inks $275m loan
UNITED Arab Shipping Co, one of the smallest lines to go for 13,100 teu boxships, has completed financing for three of the nine vessels on order.

UASC inks $275m loan for three boxships.

UNITED Arab Shipping Co, one of the smallest lines to go for 13,100 teu boxships, has completed financing for three of the nine vessels on order.

The company said on Sunday that it had signed a $275m loan facility led by Qatar National Bank, The Dubai-headquartered line signed a $1.5bn contract for the nine ships with Samsung Heavy Industries in 2007 at the height of the ordering frenzy.

At the signing ceremony, UASC president and chief executive Jorn Hinge said the facility would enable the line to finance three of A13 type container vessels on order.

?We at UASC recognise the effort to conclude this senior facility by leading banks from the Gulf Co-operation Council as a token of trust in UASC"s solid foundation, sound performance and strong future prospects within the current challenging market environment,? he said.

Qatar National Bank was the lead bank, supported by Burgan Bank of Kuwait, the Commercial Bank of Qatar, and Doha Bank, lead arrangers and Al Khaliji Commercial Bank also involved in the club deal.

UASC"s chief financial and technical officer Basil Al-Zaid disclosed that the facility was one of a series of facilities sought by the line in order to arrange for the financing of its newbuildings.

?This deal marks a new involvement in ship finance in the region and, looking forward, there could be other new opportunities and growth prospects,? he said.

www.turkishmaritime.com.tr

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