LOC17:27
14:27 GMT
United Arab Shipping Company receives 10 big ships this year as part of program of new 17 vessels
KUWAIT, May 20 (KUNA) -- The United Arab Shipping Company (UASC) will obtain 10 big ships this year, as part of its program of building new 17 vessels, UASC's chairman said.
In his speech at the meeting of the company's General Assembly on Wednesday, Chairaman Basil Abdul Wahab Al-Zaid added that the new building program is worth over USD 2.3 billion.
He noted that these vessels will lead the company to success and expansion worldwide as the new vessels are the biggest and most environmentally friendly in the world.
The vessels equipped with technologies allow using LNG in future which helps in reducing the environmental impact and the cost of fuel consumption, he said.
The total revenues of the United Arab Shipping Agencies in 2014 amounted to KD 2.1 million compared to KD 1.5 million in 2013, an increase of 36 percent, he said, adding the total administrative expenses for the year amounted to KD 1.6 million compared to KD 1.3 million in 2013, an increase of 15.38 percent.
The net profit for the year amounted to approximately KD 478 which represents 95.6 percent of the paid up capital, he pointed out. (A KD equals USD 3.31).
The Company handled 54,100 TEUs, exported 14,301 TEUs and served 98 Container voyages in Kuwait Ports (Shuwaikh/Shuaibah), he added, noting it also arranged bulk cargo for 213,155 tons of sulfur through 7 voyages.
Al-Zaid stated that the growth in revenue and growing steadily in handling activities is a reflection of significant growth achieved by UASC globally over the last year.
The company has engaged into strategic alliance and cooperation with leading liner shipping companies, to ensure optimal operations for its fleet as a part of its ambitious plan to grow and provide more efficient, comprehensive and reliable services, he explained.
Founded in 1976, UASC has more than 185 offices around the world. The company is the largest container shipping line in the Middle East region and adjacent markets, covering over 240 ports and destinations worldwide.
UASC offers containerized cargo transportation, temperature controlled (reefer) and out of gauge cargo amongst other value added services to a diversified global client-base. (end)
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