The United Arab Shipping Agencies (UASAC), a subsidiary of the United Arab Shipping Company (UASC), announced on Sunday a deal with the shipbuilding division of Hyundai Heavy Industries Co. Ltd. (HHI) for building 17 container ships.
"These include six ships with a capacity of 18,000 containers each and 11 others with a 14,000-container capacity," said Waleed Abdulqader, General Manager of the UASAC, following the annual meeting of the company's general assembly.
"The signing of the deal took place in Dubai recently," he said, noting that the deal is part of the UASA strategy to expand and modernize its fleet, enhance its competitiveness edge and meet the growth targets.
"The new ships have special technical specifications such as huge load and environment friendliness; they are the world's state-of-the-art," Abdulqader noted.
He added that the ships will be delivered as of late 2014 until the third quarter of 2016.
Meanwhile, UASAC Board Chairman Basel Abdulwahab Al-Zaid, said the company made net profits of KD 142,592 in 2013 which represent 28.5 percent of its paid capital.
The profits will be paid in full to shareholders, he said, adding that the company handled an import volume of 52,124 TEUs and export volume of 6,646 TEUs with a service of 98 container voyages at Kuwait Port (Shuwaikh/Shuaibah).
The total revenues of the company increased by 22 percent hitting some KD 1.544 million in 2013 against KD 1.263 million the previous year, Al-Zaid added.
Founded in 1976, the Kuwait-based UASAC is one of the world's biggest shipping companies with 75 offices worldwide; its services cover up to 200 ports around the globe.