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ADIB funds VLGC acquisitions

Abu Dhabi Islamic Bank (ADIB) has closed a sharia compliant syndicated transaction totalling AED 865 million (US$ 235 million) to enable BGN and Al Seer Marine to finance three new very large gas carriers (VLGC). This financing marks the second tranche of a larger syndication amounting to US$ 370 million, which will be used to finance the construction of these vessels in South Korea and Japan.

ADIB acted as the lead arranger and was supported by a number of other financial institutions, including Abu Dhabi Commercial Bank (ADCB), National Bank of Fujairah (NBF), Commercial Bank of Dubai (CBD) and The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IsDB) Group. The documentation and coordination of the transaction were handled by leading global law firms Dentons and Holman Fenwick Willan (HFW).

Two of the vessels on order for BGN and Al Seer Marine are due for delivery in 2025 and the third vessel is expected in 2026. The vessels will be dual-fuel, and are expected to enjoy operational, economic and environmental efficiencies through Liquefied Petroleum Gas (LPG) engines. 

Nitin Mathur, Head of Commercial Maritime Management at Al Seer Marine, said: “This success showcases the increasing confidence and willingness of local and regional banks to invest in the commercial marine sector, reflecting positively on our financial health and prospects.”

The post ADIB funds VLGC acquisitions appeared first on Latest Maritime & Shipping News Online – The Maritime Standard.

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