The United Arab Shipping Company is to close the current year with net profits of Dh440 million ($120 million), an official said.

The company earlier announced profits of Dh290 million ($79 million) for the first nine months of this year, almost double the previous year's nine-month profits of $40 million (Dh146.98 million).

Strong growth in marine transportation, supported by higher rates, has contributed to this strong performance.

United Arab Shipping Company (UASC), operator of one of the largest fleets in the region, is also completing a Dh1.8 billion ($500 million) deal to build eight vessels.

Abdullah Mady Al Mady, UASC president and chief executive, earlier announced that as part of the company's growth strategy, UASC had firmed up plans to build eight high-speed containerships of 6,000 to 7,000 TEUs, which will be deployed to expand UASC's service on the major arterial and Middle East trade routes.

The company has retained a German marine design consultant to provide technical services to launch this large newbuilding programme.

"The orders are currently in the final stages of tendering and will be finalised soon," said the official at the third Seatrade Middle East Maritime exhibition and conference.

He added that UASC, with annual turnover of more than $750 million (Dh2.75 billion) and total assets of about $1 billion (Dh3.67 billion), including significant current assets, is a financially strong shipping line, capable of maintaining and expanding its reliable and stable shipping services to its customers worldwide.

The company operates 27 containerships in addition to a number of multipurpose vessels.

Its Dubai-based marine workshop, the United Arab Shipping Marine Workshop (UASMW), meanwhile, has signed a sales and service agency deal with Indian manufacturers Hi-Tech Elastomers for the supply, installation, maintenance, repairs, annual maintenance contracts for anti-terrorist barriers, steel reinforced marine rubber buoys, pneumatic fenders, rubber dock fenders, oil spill booms, navigational aids and offshore rubber products.

Ahmad Al Zaabi, general manager of UASMW, said the one-year contract with the Indian manufacturer will help it to serve and secure GCC ports, marine and oil installations.

"We are going to approach all the ports, marine, waterfront developers and oil installation owners to offer the products that will secure their installations from any external threats and pollution," he said, while announcing the deal.

"With so much waterfront development in the region, new residents and settlements will require adequate protection from these threats."

Al Zaabi said his organisation has been chosen by the US Navy to service their vessels. "Besides, we are currently executing a number of sub-projects in Salalah, Khasab and Jubail ports. These contracts reflect our growing expertise in the region."

UASMW last year generated Dh50 million in sales revenue. This year, the sales will be 20 per cent higher, he said.