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Venture Capital Bank Bahrain Enters Shipping Business

Bahrain-based Venture Capital Bank (VC-B) signed a joint venture agreement with Lemissoler Shipping Group in Cyprus for establishing a $160 million company in shipping sector.

Under the agreement, a shipping company, Lemissoler Maritime Company, will be established in Bahrain with the objective of acquiring, owning and operating a fleet of commercial vessels. The total value of the deal is $166 million and will present a unique investment opportunity in the shipping industry.

Lemissoler Maritime Company has started its operations by initially acquiring five specialised vessels that transport paper products, from the paper mills in Canada to the United State of America and South America, together with their long-term charter agreement.

The company has also identified among others eight container ships; that will be acquired in two phases during 2008 as an "expansion fleet". These vessels will be on long-term charter contracts with companies that are in the league of ten largest container companies worldwide. All of the initial fleet vessels are registered with the Lloyd's Register. via Bahrain Tribune
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