Emirates Bank extends $63 million loan to Dubai Shipping Company
Emirates Bank International has concluded a specialized shipping finance loan facility with Dubai Shipping Company (DSC), a subsidiary of Emirates National Oil Company (ENOC). The long-term loan will finance up to $63 million of the cost of acquisition of two high specification double-hulled tankers.
"These tankers each have a 75,000 ton capacity and they will join a growing DSC fleet which is trading worldwide," said Group Chief Executive and Board Member of ENOCm Hussain Sultan. "They represent the development of DSC into a regional and international shipping major." The tankers will be built in Hyundai's yard in Korea and are due for delivery by mid 2005.
Apart from owning and operating a fleet of oil and chemical tankers trading worldwide, DSC provides ship management services to both technical and commercial for the vessels. The entire fleet of DSC vessels trade globally with major oil companies and are chartered by a growing list of international clients. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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