United Arab Shipping Co. has exercised an option contained in an order first announced in August to buy six additional 14,000-TEU ships.
The company said Sunday that Hyundai Heavy Industries (HHI) in Korea will build it a total of 16 of the 14,000-TEU ships and five (with an option for one more) 18,000-TEU ships.
UASC said the total order is worth more than $2 billion including all options. The ships will be delivered later this year through the first half of 2015.
Salem Ali Al Zaabi, UASC's chairman, said the order "positions UASC to deliver on its long-term growth objectives and the unique design features of the vessels ensure that UASC will set new industry benchmarks for fuel economy and environmental performance.”