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Sun 11 Jan 2009 01:03 PM

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SCB lends $125mn to UAE shipping company

In rare financing deal in global credit crunch, Lamnalco gets cash boost.

Standard Chartered Bank said on Sunday it had arranged a $125 million loan facility for a Sharjah-based shipping firm, in a rare financing deal amid the credit crunch.

The facility, which will allow privately-held Lamnalco Group to acquire new vessels, was led by Standard Chartered along with Rabobank and ING Wholesale Banking.

"In these testing times, we are very pleased to be able to raise $125 million for our new vessel acquisition programme," Daan Koornneef, Lamnalco's managing director said in a statement.

Standard Chartered said in a statement that the loan facility will enable the refinancing of a number of vessels in Lamnalco's existing fleet. (Reuters)

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