Finance Industry Fluctuation
March 14th, 2011 | 
Author: Arab shipping company has obtained a loan of 302 million dollars to finance the purchase of three ships of 13,000 TEUs.
The shipping company United Arab Shipping Company (UASC) has obtained a loan of 302 million dollars to finance the acquisition of the last three ships of an order for nine units of 13,000 TEUs instructed the South Korean Samsung Heavy Industries shipyard.
The credit is 70% financed by the Export – Import from South Korea and 30% by BNP Paribas, Industrial and Commercial Bank of China (ICBC) and Ahli United Bank (AUB). UASC president, Jorn Hinge, noted that only three months for the shipping receives the first vessel of the claims and said that the agreement on the financing of the last three ships “reaffirms the commitment” of the group to increase capacity its fleet and thus “better serve” their customers “around the world.” He also thanked “the trust placed in UASC” by regional and international institutions “such caliber.”
The nine container ships of 13,000 TEUs, which will involve an outlay of $ 1,500 million, will allow UASC to compete on equal footing with other leading companies, the company said.
Among other issues, UASC plans to continue expanding its network, investing in information technology and improving efficiency and reducing their environmental impact.
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Posted in Finance | 
Tags: agreement on the financing, financing, Heavy Industries shipyard, United Arab Shipping Company