Doha, 2 November 2010 – QNB won The Ship Finance Award at the Seatrade Middle East and Indian Subcontinent Awards, held in Dubai recently.
The Bank won the award for its role as Mandated Lead Arranger and Coordinating Bank in a multiple currency term-loan facility amounting to US$275 million for United Arab Shipping Company’s (UASC) acquisition of three container vessels manufactured by Korea-based Samsung Heavy Industries. The deal financed three of nine vessels currently on order by the shipping company.
The deal, which took place in February 2010, was one of the largest and most complex deals structured in the region during the year. It was a cross-border transaction involving several Gulf Cooperation Council (GCC) banks, bringing in Burgan Bank S.A.K. (Kuwait), The Commercial Bank of Qatar Q.S.C. and Doha Bank Q.S.C. as Lead Arrangers and Al Khaliji Commercial Bank (al khaliji) Q.S.C. as Arranger to this important cross-border GCC transaction. QNB was also the Documentation Agent, Facility Agent, Security Agent and the Account Bank while BNP Paribas (Suisse) is the Structuring Bank.
QNB’s leading role in this transaction was due to its strong track record in such facilities, as well as its financial strength being one of the region’s largest financial institutions by assets and the fact that it has a broad range of specialist financial advisory capabilities.
This deal was also of significance because the A13-type vessels of 13,100 TEU capacity financed by this facility are among the “greenest” ships available today. On delivery, each container carrier will be equipped with the latest Waste Heat Recovery technology which reduces carbon dioxide emissions and contributes to reducing impact on the environment.
The annual awards ceremony is held on the sidelines of the Seatrade Middle East Maritime exhibition and conference, which is the leading regional maritime event and brings together the global maritime community, including international ship equipment, product and service suppliers. The Middle East Money & Ships annual conference is also held in conjunction with this event.