 |
 |
Lemissoler Maritime Company
Offering Size: USD 120 Million
Country: Kingdom of Bahrain
Sector: Shipping
Year: 2008
In 2008, VCBank successfully arranged a USD 120 million private placement in Lemissoler Maritime Company which was formed with the objective of owning and operating a fleet of specialised commercial vessels.
The Company has performed well since inception, with the initial fleet of five paper-carrying vessels exceeding its budget. Key developments during 2008 include the acquisition of another specialised paper-carrying vessel that was leased to Caribbean Forest Carriers for seven years; and the acquisition of three sister 2800 TEU container vessels chartered to Evergreen for five years.
Although the shipping industry has witnessed severe downturn especially with the decline in the Baltic dry index and spot rates, the Company has not been affected due to its strategy of acquiring vessels under long term charter agreements with blue chip companies and the prudent vessel acquisition strategy implemented by the Board of Directors. As a result, the Company is progressing very well in achieving its objectives and is on target to pay the promised dividends to investors for the year 2008.
Back
Offering Size: USD 120 Million
Country: Kingdom of Bahrain
Sector: Shipping
Year: 2008
In 2008, VCBank successfully arranged a USD 120 million private placement in Lemissoler Maritime Company which was formed with the objective of owning and operating a fleet of specialised commercial vessels.
The Company has performed well since inception, with the initial fleet of five paper-carrying vessels exceeding its budget. Key developments during 2008 include the acquisition of another specialised paper-carrying vessel that was leased to Caribbean Forest Carriers for seven years; and the acquisition of three sister 2800 TEU container vessels chartered to Evergreen for five years.
Although the shipping industry has witnessed severe downturn especially with the decline in the Baltic dry index and spot rates, the Company has not been affected due to its strategy of acquiring vessels under long term charter agreements with blue chip companies and the prudent vessel acquisition strategy implemented by the Board of Directors. As a result, the Company is progressing very well in achieving its objectives and is on target to pay the promised dividends to investors for the year 2008.
Back
