KUWAIT CITY, April 26: United Arab Shipping Company (UASC) announced today concluding a bilateral transaction of $140 million as a senior term loan facility with Gulf Bank, Kuwait.
The proceeds from this transaction will be invested in UASC’s growth and network expansion plans as a leading container shipping line on the Asia - Middle East - Europe trade as well as in other markets on various North - South trades. The funds will also contribute to the enhancement of the Company’s operational initiatives associated with the growing fleet capacity and the equipping of UASC’s new A13 class vessels with Waste Heat Recovery Systems, thus achieving a considerable reduction in the carbon footprint of UASC’s ships.
The Chairman of the Board of Directors at UASC - Othman Ibrahim Al-Issa commented: “The closing of this facility further fosters the strong and long term cooperation with Gulf Bank, Kuwait and marks a significant step in solidifying UASC’s financial strategy”.
Jorn Hinge, President and Chief Executive Officer at UASC, commented on the transaction: “We are moving ahead firmly and steadily with UASC’s expansion plans, and this transaction further affirms the continued confidence invested in UASC’s solid foundation and strong future prospects by leading banks from the GCC such as Gulf Bank, Kuwait”.
Basil Al-Zaid, Chief Financial and Technical Officer at UASC, added: “This transaction signals yet another milestone in our financial strategy, and is in alignment with UASC’s ambitious growth plans. Our continued collaboration with Gulf Bank, Kuwait, reflects the strategic alliance between our establishments and emphasises their trust in UASC’s sound performance”.
Khaled Al Mutawa General Manager International Banking & Investments   from Gulf Bank, Kuwait added: “We share UASC’s vision and ambition and our close collaboration has equally helped us grow our business in the shipping sector. “
United Arab Shipping Company (UASC) was founded in 1976 jointly by the six Shareholding States of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates, with offices in more than 20 countries around the world.
UASC is a major player in the Middle East region and adjacent markets, in container shipping, covering over 200 ports and destinations worldwide, UASC offers containerized and conventional cargo transportation, temperature controlled cargo and value added services to a diversified global client-base, connecting the Middle East to Europe, Mediterranean, Indian Sub-continent, Far East, West Africa Australia and The Americas.