United Arab Shipping Company said Kuwait's Burgan Bank has agreed to provide a loan for the acquisition of two 14,000-TEU ships.
UASC said it had concluded a bilateral facility worth $190 million with Burgan to finance the acquisition of two of the 11 new 14,000-TEU vessels UASC is building.
UASC is also building six 18,000-TEU vessels. The new ships are being built by Hyundai Heavy Industries in South Korea, and are capable of running on conventional fuel and liquefied natural gas.
Delivery will begin in the fourth quarter of 2014.