Lemissoler Maritime Company receives ‘The 2010 Lease Deal Of The Year Award’ from Marine Money
At the Marine Money Conference, held at the New York Stock Exchange, Lemissoler Maritime Company (one of Venture Capital Bank’s portfolio companies), was honored with the prestigious “Lease Deal Of The Year” award for 2010 by Marine Money Magazine, a leading international ship finance publication.
In November 2010, Lemissoler Maritime Company concluded a sale and leaseback transaction that involved the purchase of four dry bulk vessels and the subsequent leaseback of the vessels to Newlead Holdings Ltd, an international shipping company under a Shariah compliant eight year capital lease structure with a total transaction value of USD 85 million. The transaction consisted of three Capesize vessels; ‘Brazil’, ‘Australia’ and ‘China’ as well as one Panamax vessel; ‘Grand Rodosi’.
The structure was awarded ‘The Lease Deal of 2010’ by leading international ship finance magazine – Marine Money, mainly due to its innovative features providing not just a Shariah compliant structure but also maintaining flexibility to both parties.
Abdullatif Mohammed Janahi, Chairman of Lemissoler Maritime Company, Board Member & Chief Executive Officer for Venture Capital Bank stated: “We are delighted to receive 2010 ‘Lease Deal Of The Year’ Award from Marine Money. 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 to all shareholders.”