Fast-growing United Arab Shipping Co (UASC) is in advanced negotiations with Korean yards for another US$1bn order, according to unidentified sources.

UASC is discussing a seven-plus-seven option deal for 11,000teu ships and has whittled the number of shipyard candidates down to four: Hyundai Heavy Industries, Samsung Heavy Industries, Hanjin Heavy Industries & Construction and STX Offshore and Shipbuilding.

The negotiations have been ongoing for months – and had stalled at one point. UASC is asking for a very high-spec construction, similar to its recent set of newbuilds, which the Middle Eastern firm has trumpeted as the greenest ships ever built.