UASC secures $140 million loan from Kuwaiti bank
United Arab Shipping Co. said Wednesday it has garnered a $140 million senior term loan facility with Gulf Bank in Kuwait.
'The proceeds from this transaction will be invested in UASC's growth and network expansion plans as a leading container shipping line on the Asia/Middle East/Europe trade, as well as in other markets on various north/south trades,' the line said. 'The funds will also contribute to the enhancement of the company's operational initiatives associated with the growing fleet capacity.'
In April, UASC took delivery of its biggest ever ship, the 13,500-TEU Umm Salal. It's the first of nine such A13 class vessels, a series that will significantly expand the line's fleet capacity and allow it to better compete on Asia-Europe services in terms of slot cost efficiency.
UASC Chairman Othman Ibrahim Al-Issa said the loan facility 'marks a significant step in solidifying UASC's financial strategy.'