Bahraini-based Lemissoler Maritime Company has acquired five specialised vessels and is looking to buy eight container ships in two phases this year as part of its initial fleet, a company statement from Manama said yesterday. A Dh609.4-million ($166 million) joint venture between Bahrain's Venture Capital Bank and Lemissoler Shipping Group, in Cyprus, Lemissoler Maritime is tasked to acquire, own and operate a fleet of commercial vessels.
The acquisition of five vessels, which transport paper products to the US and South America from the mills in Canada, included their long-term charter agreement while the container ships will be on long-term charter contracts with global companies.
The statement said all the vessels are registered with Lloyd's Register, the leading maritime classification society and independent risk management organisation.
Abdullatif Mohammed Janahi, board member and CEO of Venture Capital, said his company invested in the shipping industry because it facilitates 90 per cent of world trade, making it the "lifeblood of the global economy".
He added that this Shariah-compliant "investment opportunity" would yield an annual dividend of nine per cent payable every six months and a 24-per cent internal rate of return at exit to investors.
Lemissoler Shipmanagement Ltd, the management arm of Lemissoler Shipping, has been appointed as the new company's operating manager.
"The company will have full access to the services of an experienced management team in handling all the necessary technical, administrative and commercial services needed to operate its entire fleet efficiently and effectively," Janahi said.
Philippos Philis, board member and CEO of Lemissoler Shipping, said his office would be able to expand its fleet of vessels under management to 13 from five following the creation of the joint venture.
"This will also help us expand geographically by entering the Gulf region in order to respond to exceptional growth in the regional shipping industry driven by the large-scale import/export traffic in a highly populated region," he said.
The acquisition of five vessels, which transport paper products to the US and South America from the mills in Canada, included their long-term charter agreement while the container ships will be on long-term charter contracts with global companies.
The statement said all the vessels are registered with Lloyd's Register, the leading maritime classification society and independent risk management organisation.
Abdullatif Mohammed Janahi, board member and CEO of Venture Capital, said his company invested in the shipping industry because it facilitates 90 per cent of world trade, making it the "lifeblood of the global economy".
He added that this Shariah-compliant "investment opportunity" would yield an annual dividend of nine per cent payable every six months and a 24-per cent internal rate of return at exit to investors.
Lemissoler Shipmanagement Ltd, the management arm of Lemissoler Shipping, has been appointed as the new company's operating manager.
"The company will have full access to the services of an experienced management team in handling all the necessary technical, administrative and commercial services needed to operate its entire fleet efficiently and effectively," Janahi said.
Philippos Philis, board member and CEO of Lemissoler Shipping, said his office would be able to expand its fleet of vessels under management to 13 from five following the creation of the joint venture.
"This will also help us expand geographically by entering the Gulf region in order to respond to exceptional growth in the regional shipping industry driven by the large-scale import/export traffic in a highly populated region," he said.