UASC orders 8 large container ships from HHI

The United Arab Shipping Co.(S.A.G.) Board of Directors held a meeting in Dubai on 3rd of March 2005 to discuss the company strategy. In this meeting the vice chairman of UASC signed a contract with Hyundai Heavy Industries (HHI) to build eight large ships each with a capacity of 6800 TEU's and an operational speed of 25.5 knots. The contract is for a total value of US dollar 834.880 million. The deliveries of the new ships will from March 2008 up till the end of the year.

The vice chairman Mr. Abdulla Ahmad Lootah said that this step will lead to a big leap forward in the quality of the company's service. The president & chief executive officer Mr. Abdullla Mady Al-Mady stated that using these types of ships with this capacity and speed would enable the company to render competitive shipping services between Asia and Europe passing through Middle East thereby strengthening the company's commitment to serve the region and enable it to participate in joint operations with others.

Mr. Mady stated that UASC results for 2004 will be remarkable and he anticipated the total turnover would exceed US dollar 950 million and the operational profit to exceed US dollar 115 million with gross profit to exceed US dollar 135 million. He also mentioned that the company carried 1,095,190 TEU's and almost one million tones of general and parcel cargo.

The vice chairman and the Chief executive of the company assured the company's intention to continue rendering the services to meet the clients and shippers requirements in the Middle East and other international trading regions.