ShippingWatch

UASC secures loan for mega ships

In late August, United Arab Shipping Company placed a giant order for new ultra large container ships. Now the carrier has secured USD 512 millions in loans from seven different banks.

United Arab Shipping Company has secured USD 512 million in loans for the carrier's new ultra large container ships, ordered in late August this year.

Korean state-owned credit insurer K-Sure, which supports the country's import and export through insurance programs, has guaranteed the loan, which according to Lloyd's List includes USD 150 million from Credit Suisse, USD 75 million from Bank of America, USD 75 million from IMG, USD 75 million from Société Générale, USD 50 million from Standard Chartered, USD 43 million from Deutsche Bank, and USD 25 million from DNB Bank.

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