United Arab Shipping Company (UASC) announced a bilateral facility worth US$150 million with Burgan Bank’s Corporate Banking Group.
The agreement with the Kuwaiti bank includes a seven-year senior term loan agreement and is set to aid UASC’s expansion plans – particularly with regard to the company’s long-term working capital facilities associated with growing its fleet capacity.
Othman Ibrahim Al-Issa, chairman of the board of directors at UASC, said: “This facility marks a significant step forward towards the implementation of our financial strategy and speaks of UASC’s solid foundation and steadfast commitment to forge ahead amidst a challenging business environment”.
While, Burgan Bank chairman Majed Essa Al Ajeel, added: “Burgan Bank’s Corporate Banking Group has proved over the years to be a reliable partner for growth by industry leaders such as UASC.
“The group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans.”
UASC also announced that it is in the process of completing the induction of nine A13 (13,500 TEU) vessels - seven of which have been put into service.
The new A13s are environment friendly vessels equipped with green technology, such as a Waste Heat Recovery System that transforms exhaust gases to energy, allowing a considerable reduction in the carbon footprint of the ships. The vessels’ hulls have also received a makeover, in the form of a special silicon paint that reduces their friction with the water surface decreasing fuel consumption.