United Arab Shipping Company (UASC) is a global shipping company based in the Middle East. Founded in 1976, UASC has more than 185 offices around the world. The company is the largest container shipping line in the Middle East region covering over 240 ports worldwide.
UASC invited its banking partners to an event it hosted in Hamburg recently, to celebrate one of the world’s most enviro-friendly ultra-large container vessels “ Al Muraykh”. The vessel was delivered in August 2015. The event was held to acknowledge UASC’s financing partners with whose cooperation and contribution they were able to succeed in their newbuilding program, comprising eleven 15,000 TEU vessels and six 18,800 TEU vessels.
It was a day-long event which was hosted by the members of UASC’s Board of Directors and Executive Management. It was well attended by more than 60 representatives from leading banks and financial institutions from all over the world. The program also included a guided tour on-board the 18,800teu M.V. Al Muraykh, while on her maiden voyage in North Europe.
Chief Financial Officer of UASC , Basil Al-Zaid is quoted to have said: “In a capital intensive industry like container shipping, it is critical to invest in the most efficient assets to keep pace with market growth and maintain competitive unit costs. With our trusted partners, UASC has achieved a series of milestones including our current newbuilding program, considered one of the industry’s largest and most technologically advanced.”
“In recent years, efficiency has become an increasingly important differentiator in achieving a solid financial performance, whether it stems from improving vessel design through our newbuilding program, strategic partnerships – such as Ocean 3 and our cooperation agreement with Hamburg Süd – or empowering our people, efficiency pervades every facet of our strategy.”
“We take this opportunity to convey our appreciation to our financing partners for the trust they have shown on us, as they continue to contribute to our success in providing eco-efficient shipping solutions to customers worldwide”, Al Zaid concluded.
In 2008 and 2013 orders were placed for these two new buildings as well as for container box ships. Capital for the same was secured in spread-out manner over the past seven years from the financing partners. This reflects UASC’s strong ties with its trusted partners as well as its commitment to be a pioneer in the industry.