United Arab Shipping Company (UASC) has concluded a US$190mn bilateral facility with Burgan Bank to finance the acquisition of two 14,000 TEU (20-foot equivalent units) container ships.

UASC has a total new building order of 17 vessels, comprising 11 14,000 TEU ships and six 18,000 TEU ships. The large vessels, ordered from Hyundai Heavy Industries’ South Korean shipyard, can run on either conventional fuel or LNG.

UASC president and CEO Jorn Hinge says: “In an environment where fuel oil remains the largest cost driver in the shipping industry, our cutting-edge vessel designs have been developed with a clear focus on improving cost efficiency and enhancing environmental friendliness.”

“We are first-movers with these ‘green’ new buildings that will be equipped for LNG dual-fuel for the first time in long-haul container trades,” he adds.