Reduced Appetite Expected for DP World’s $9bn Loan
Appetite for UAE global port operator DP World's $9bn loan financing is expected to weaken due to market turmoil caused by the coronavirus, bankers said.The loan was fully underwritten by Citigroup and Deutsche Bank, and went out to a wider group of DP World’s relationship banks in senior syndication, which closed at the end of last week, one of the bankers said.These banks included Abu Dhabi Commercial Bank, MUFG, Emirates NBD, First Abu Dhabi Bank and HSBC, a second banker said.“Senior…
GMMOS Acquires Funds for OSV Sector
Abraaj Capital and Waha Capital backed Gulf Marine Maintenance and Offshore Service Company (GMMOS), an United Arab Emirates based provider of marine services to the offshore oil & gas industry, has secured a $100m term loan facility from Standard Chartered Bank, Abu Dhabi Commercial Bank, Credit Suisse and Deutsche Bank to refinance existing debt and fund acquisitions in the offshore supply vessel (OSV) sector, with a focus on the GCC and South East Asia markets. The acquisitions are expected to lead to a significant increase in Group profitability and asset base, with the Group's current fleet increasing from 28 OSVs to 34 OSVs by the end of 2009.
New Tanker Company Sets Sail
Hatem Fawzy, Director, Offsets Ventures; Ahmed Al Wahaibi, Deputy CEO, Oman Oil Company; Hussain M. Sultan, Group Chief Executive and Board Member, ENOC; Khadem Al Qubaisi, Investment Division Manager, International Petroleum Investment Company of Abu Dhabi; Xavier Thuriot, Chairman & CEO, Thales International Middle East. GEM – Gulf Energy Maritime PJSC – is a new $430m joint venture shipping company, launched today. The venture, headquartered in Dubai, is 35% owned by Emirates National Oil Company (ENOC)…
ADCB, GEM sign $100m deal
According to reports, Abu Dhabi Commercial Bank (ADCB ) has granted a loan of $100m to Gulf Energy Maritime (GEM) PJSC, a Product / Chemical tanker Company. The Loan agreements were signed yesterday at GEM Offices between Yusr Sultan, CEO of GEM and Shafqat Ali Rana, Head of ADCB's Dubai Corporate Div. and P.P.Saradhi, Vice-President of ADCB in the presence of Hassan Jarrar, Head of Commercial Banking, ADCB. GEM signed this loan with ADCB for their recently ordered vessels Gulf Castle and Gulf Cobalt. These hulls of 75000 dwt each are two out of four Panamaxes ordered in January this year and are the high specification double hulled product tankers, being built at Hyundai Mipo Dockyard. Gulf Castle & Gulf Cobalt are scheduled for delivery in 2009.
