United Arab Shipping Company (UASC) said it has awarded a contract worth over $1.5 billion to Samsung Heavy Industries for the supply of nine 13,100 teus ships (A13).

Kuwait-based UASC was jointly set up by six shareholding states from the Arabian Gulf (Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia and UAE) in 1976.

Sheikh Ali Al Thani, chairman of board of directors of UASC, and Jing Wan Kim, Samsung Heavy Industries president & CEO signed the deal at Mina Al Salam in Dubai.

The contract constitutes the biggest order for container ships ever placed by a Gulf company, said Sheikh Ali Al Thani after the signing ceremony.

'The first of the nine sisters will be delivered to UASC in October 2010, and the rest will follow in short order, with the last vessel being delivered in the fourth quarter of 2011,' he added.

UASC currently operates a fleet of 41 fully cellular container vessels; with three more being delivered still in this year and another 10 in 2009.

With the delivery of the nine A13's, the company's fleet strength will rise to 60 modern container ships with a capacity to carry 270,000 teus.-TradeArabia News Service