UASC orders 14,000- 18,000-TEUers from Hyundai Heavy for US$2 million

THE United Arab Shipping Company (UASC), established in 1976 by Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and the UAE, has placed US$2 billion orders for five 18,000-TEU vessels and five 14,000-TEU ships to be delivered from in late 2014, Reuters reported.

In addition, UASC also signed options with Hyundai Heavy Industries to buy one additional 18,000-TEU vessel and six 14,000 TEU ships. The price exceeds $2 billion with options, a company statement stated.