ADNL in lease finance deal

Abu Dhabi National Leasing (ADNL), a subsidiary of National Bank of Abu Dhabi, has lease financed for two new dry bulk vessels of 34,000 dwt, amounting to Dh273 million, to Stellar Shipping Company, an affiliate of Al Ghurair Group in Dubai.

The deal is one of the largest lease transactions in the region.

"ADNL is currently on the verge of closing similar transactions with other leading shipping companies operating in the UAE and exploring opportunities for extending similar facilities to shipping companies operating from other GCC destinations," said Yousef Abdulla Yousef, General-Manager of ADNL, after attending the handing-over ceremony of one of the two vessels in Gwangju, South Korea.

The construction of the second bulk carrier is in an advanced stage and expected to launch by the middle of January 2010.

"This agreement enables us to expand our fleet and cater to the ever increasing market demands," said Habeeb Mubarak, Director of Stellar Shipping Company.

 

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.