| 06 Nov 2008 |
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UASC receives eighth A7 ship
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United Arab Shipping Company (UASC)United Arab Shipping Company (UASC)
has received its eighth and last A7 ship, which is expected to boost the company's robust performance in the coming years.The ship Al Rawdah, was received at a ceremony held at the Hyundai Heavy IndustriesHyundai Heavy Industries
(HHI)(HHI) shipyard in Ulsan, South Korea.It will fly the Qatari flag and is to be deployed on the Asia-Middle East-Europe container route.
Al Rawdah is expected to augment the capacity of the firm's fleet to meet the increasing demand for cost effective and efficient shipping regionally and internationally.
The ship is the last of the eight vessels ordered in 2005 at a cost of Dh3bn, each with a carrying capacity of 6,919 TEUs and operating at a service speed of 25.5 knots per hour.
Established in 1976, UASCUASC
is jointly owned by Qatar and the five other Gulf countries. It is one of the largest ocean carriers of dry cargo to the Middle East.Earlier this year, UASCUASC
placed a Dh5.5bn order for nine new container vessels to Seoul-based Samsung Heavy Industries.The order for the A13-type ships, each with a capacity of 13,100 twenty-foot equivalent units (TEUs), is the largest of its kind in the region and expected to help UASCUASC
achieve its targeted 300 per cent growth in throughput and revenues by 2012. UASCUASC is embarking on an aggressive expansion programme on the back of increasing demand for commodity imports in the Middle East.The region's shipping industry is expecting growth of 20 per cent this year, despite the current economic slowdown. The firm plans to invest Dh7.3bn in the purchase of new vessels to raise the total from the current 41 to around 60 by 2012. UASCUASC
registered 30 per cent growth between 2006 and 2007, with revenues up by 34 per cent and container throughput by 27 per cent. Revenues were Dh4.7bn last year compared with Dh3.6bn in 2006.It carried 970,000 TEUs in 2007 compared with 760,000 in 2006.
By Staff Writer
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