UASC signals intent with mega-ship order

UASC signals intent with mega-ship order Kuwait-based United Arab Shipping Co., currently on the fringes of container shipping’s leading 20 lines in terms of fleet capacity, has ordered nine 13,100-TEU box ships from South Korean yard Samsung Heavy Industries in a deal valued at more than $1.5 billion.
   The company, owned by six Arabian Gulf States — Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and U.A.E. — said the order is the biggest containership newbuilding order ever placed by a Gulf Cooperation Council (GCC)-owned company.
   The nine ships will be delivered to UASC in stages between October 2010 and the fourth quarter of 2011.
   UASC said it operates a fleet of 41 fully cellular container vessels with three more coming this year and another 10 in 2009. It ranks 21st in AXS-Alphaliner’s Top 100 containership operators table (www1.axsmarine.com/public/publicTOP100.php) with an aggregate capacity of 130,790 TEUs, some 14,000 TEUs behind Wan Hai Lines in 20th. UASC said by the time Samsung Heavy has delivered the 13,100-TEU giants its fleet will comprise more than 60 containerships able to carry about 270,000 TEUs, which would place it 18th on AXS’ list as of now.

Sheikh Ali Al Thani, (left) chairman of board of directors of UASC, and Jing Wan Kim, president and chief executive officer of Samsung Heavy Industries.

   Speaking at a signing ceremony held at the Mina Al Salam hotel in Dubai on Sunday, Sheikh Ali Al Thani, chairman of UASC’s board of directors, said: “I would like to take this opportunity to thank our customers and suppliers for their continued support to UASC, and herewith confirm our commitment to support the growth and continued prosperity of our region.”