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UASC set to award Hyundai Heavy $1.4bn order for new vessels

South Korea's Hyundai Heavy Industries is close to winning an order worth about $1.4bn to build 10 huge container ships for the United Arab Shipping Co (UASC), Reuters has reported, citing a source close to the matter. Under the deal, UASC will buy five of the largest cargo ships ever made, each able to carry 18,800 twenty-foot container units (TEU), along with five with a capacity of 14,500 TEU. UASC was set up by the governments of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and the UAE in 1976 to improve trade links with the rest of the world.