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ADNL lease finance two vessels to Stellar Shipping  Join our daily free Newsletter

MENAFN Press - 08/12/2009

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Mr. Yousef Abdulla Yousef, General Manager of ADNL (Left) at the handing-over ceremony of one of the two vessels in Gwangju, South Korea
(MENAFN Press) Abu Dhabi National Leasing (ADNL), an asset-based financed subsidiary of National Bank of Abu Dhabi (NBAD), lease financed for two brand new dry bulk vessels (dwt 34,000) amounting to AED 273 millions to Stellar Shipping Co. LLC, an affiliate of Al Ghurair Group in Dubai.

The deal is one of the largest lease transactions in the region. It is uniquely structured by setting up two separate special purpose companies (SPC) registered in Hong Kong as fully owned subsidiaries of ADNL.

The vessels were built by Shinan Heavy Industries Co Ltd, one of the renowned ship building companies based in Gwangju, South Korea.

We are delighted to play a major role in facilitating Stellar Shippings ambitious expansion plans as the company provides specialized and unique services and caters to the high demand in shipping industry especially with the rapid expansion of services sector in the GCC said Mr. 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 mid January 2010.

This is a landmark deal for ADNL which is diversifying its portfolio of assets/equipment into different lines of business activities and focusing more on productive asset which will eventually contribute to the economic growth of the UAE General Manager of ADNL added.

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 for shipping companies operating from other GCC destinations, said Mr. Yousef.
ADNL offers a wide variety of equipment including aircraft, construction equipment, earth moving equipment, cranes, bulldozers, heavy commercial vehicles, district cooling plants, turbine generators, printing presses, cargo ships, yachts, fixed and rotor wing aircrafts, plant & machinery and other movable assets.

We are proud to be cooperating with ADNL, a highly reputable company with strong track record, said Mr. Habeeb Mubarak, Director of Stellar Shipping Co. LLC.

We are committed to delivering the highest level of shipping services that establish benchmark standards in terms of safety, quality and customer service. This deal enables us to expand our fleet and cater to the ever increasing market demands, he added.

We are extremely pleased with the professional approach of Abu Dhabi National Leasing Company (ADNL) while handling this transaction, which reflects their experience and expertise in leasing deals of this nature.

About Abu Dhabi National Leasing
The National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, was incorporated in 1968. NBAD has a network of 95 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & travelers cheques exchange services. The branch network is widened further with over 330 ATMs through which customers perform a variety of transactions. Besides brick & mortar branches, NBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 24-hour Call Centre. NBADs overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt, Libya, and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.The bank provides its customer with a wide variety of financial services targeted at all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.NBAD is rated senior long term/short term A/A-1 by Standard and Poors, Aa3/P1 by Moodys and AA-/F1 by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.NBAD is an award winning leader in the UAE and GCC financial services industry. NBAD was recently awarded the prestigious the Best Bank in UAE 2009 from Euromoney, UAE Corporate Governance Award by Hawkamah, Institute of Corporate Governance, the Human Resources Development Award in Banking Sector from Emirates Institute of Banking & Finance Sector, the Mohammed Bin Rashid Al Maktoum Business Award, Best Bank in UAE from emeafinance, and Best Personal Loan in product category by The Banker Middle East publications. In previous years, NBAD has also won other prestigious awards such as the Sheikh Khalifa Gold Award, the Dubai Quality Award, the Middle East Excellence Award 2008, ACN Arab Technology Award for the Banking & Finance, CIO Award of The Year, the Best Bank in UAE from Euromoney and Banker publications, Human Resources Development Award from the Emirates Institute for Banking & Financial Studies, the Middle East e-Banking Country Award, the Outstanding use of IT in Financial Services Award, and excellence award for Best use of Technology from Banker Middle East.The bank has been recognized as a Super Brand by Superbrands, the independent authority and arbiter on branding.


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