UASC borrows US$140 million to buy nine 13,100-TEU ships

KUWAIT's Gulf Bank will provide US$140 million loan to the United Arab Shipping Company (UASC) towards equipping and purchasing nine 13,100-TEU newbuildings.


Last February, UASC borrowed $302 million to buy the remaining three of these mega ships on order from Samsung Heavy Industries.


The Kuwaiti shipping line also borrowed $1.1 billion last year to pay for six of these ships and the first of which was delivered from the Korean yard in early April.
(Source:http://www.schednet.com)