Bahrain firm wins award for key lease deal
Manama, September 8, 2011
Bahrain-based Lemissoler Maritime Company has won the 2010 Lease Deal of the Year award presented by Marine Money magazine at its annual conference at the New York Stock Exchange.
In November last year, the company, which is one of Venture Capital Bank's portfolio companies, concluded a sale and leaseback transaction.
This involved the purchase of four dry bulk vessels and the subsequent leaseback of the vessels to Newlead Holdings, an international shipping company, under a Sharia-compliant eight-year capital lease structure with a total transaction value of $85 million.
The transaction consisted of three Capesize vessels named Brazil, Australia and China as well as one Panamax vessel named Grand Rodosi.
The deal won the award mainly due to its innovative features providing not just a Sharia-compliant structure but also maintaining flexibility to both parties.
'We are delighted to receive the 2010 Lease Deal of the Year award from Marine Money,' said Lemissoler Maritime Company chairman and Venture Capital Bank chief executive officer Abdullatif Mohammed Janahi.
'This is a recognition of the innovative strategies we have adopted for Lemissoler Maritime Company to guide it through uncertain and difficult times.
'Coupled with the vision of developing the existing fleet and expanding to a younger fleet and using various chartering strategies, we believe Lemissoler Maritime Company is moving closer to building a strong and dynamic company that will create value for all shareholders.'
Lemissoler Maritime Company operates a fleet of 13 specialised commercial vessels and containerships under long-term, fixed rate time charters with blue chip companies.-TradeArabia News Service