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
More Industry, Logistics & Shipping Stories
- Emal to supply molten aluminium to Ducab unit
- Ducab acquires British cable firm
- Emirates SkyCargo wins top awards
- Bayer opens new coatings, adhesives lab in Dubai
- Chep Aerospace unveils new ULD mobile app
- Cargo summit calls for cut in transit times
- Dubai bus fare cheapest among top cities
- DHL Express boosts Mideast fleet
- DNV to re-certifiy Drydocks World services
- Amphibious boats make global debut in Dubai
- Qatar sets up mixed business incubator
- Non-oil sectors ‘biggest contributors to UAE economy’
- Alba educates customers on best practices
- Spinneys to set up distribution centre at Kizad
- Maritime courses draw more trainees
- Dow to showcase at Dubai coatings expo
- UAE aluminium sector backs Syria refugees
- Asry in big vessel repair milestone
- Flare, Jordan form parent company ‘Aereon’
- Drydocks delivers second MCV for US
- ASIS launches amphibious leisure boat
- Taskforce sought to develop Saudi downstream sector
- DP World launches $200m India project
- RAK 'exploring' ceramics unit stake sale
- Mideast carriers top global air freight growth
- DMCA launches maritime solution apps
- Saudi plans oil-to-chemicals plant at Yanbu
- Sabic gets four bids for JV with Mitsubishi Rayon
- Pentair, IDC launch industrial services JV
- Major maritime conference to be held in Dubai