x Abu Dhabi, UAEFriday 28 July 2017

United Arab Shipping unit adds four tankers

United Arab Chemical Carriers has spent Dh500 million on four 45,000 TDW IMO chemical tankers.

A unit of United Arab Shipping Company on Wednesday confirmed the purchase of four tankers in a deal worth more than Dh500 million.

United Arab Chemical Carriers (UACC) said it expected the delivery of the 45,000 TDW IMO chemical tankers sometime during the quarter.

“This together with an MR product tanker … acquired earlier in the year will bring our total fleet to 21 vessels and will further strengthen our involvement in the chemical segment where we will now own a homogeneous fleet that will be important for the company’s future growth,” said Per Wistoft, the chief executive of UACC.

Media reports put total spending this year by UACC at US$196m.

Data from VesselsValue.com shows that Middle East companies have 87 vessels on order worth more than $5.4 billion.

United Arab Shipping is the biggest spender in the region, having placed orders totalling $2.3bn, according to VesselsValue.

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