United Arab Shipping Company (UASC) hosted an event in Hamburg this week to celebrate one of the world’s most environmentally friendly ultra-large container vessels M.V. Al Muraykh, delivered in August 2015, with its banking partners.
The event was held to acknowledge UASC’s financing partners who have collectively contributed to backing UASC’s newbuilding program, comprising eleven 15,000teu vessels and six 18,800teu vessels.
Members of UASC’s Board of Directors and Executive Management, as well as more than 60 representatives from leading banks and financial institutions from around the world participated in the day-long event that included a guided tour on-board the 18,800teu M.V. Al Muraykh, while on its maiden voyage in North Europe.
Speaking at the event, Basil Al-Zaid, Chief Financial Officer of UASC, 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,” he added.
“We take this opportunity to convey our appreciation to our financing partners for the trust they have shown in us, as they continue to contribute to our success in providing eco-efficient shipping solutions to customers worldwide,” Al Zaid concluded.
Capital secured over the past seven years has been used to finance UASC’s two latest newbuilding orders in 2008 and 2013, as well as the Container box financing and working capital requirements. This reflects UASC’s strong ties with its trusted partners as well as its commitment to being a pioneer in the industry.
UASC is a global shipping company based in the Middle East. Founded in 1976, UASC has 185 offices around the world. The company is the largest container shipping line in the Middle East region and adjacent markets, covering 240 ports and destinations worldwide.