Al Seer Marine Supplies and BGN INT’s $135 Million Financing

Dentons has advised Abu Dhabi Islamic Bank as the arrangers on the financing.

Abu Dhabi Islamic Bank acted as the arrangers on a US$135 million Islamic pre- and post-delivery financing for a joint venture company incorporated by Al Seer Marine Supplies and Equipment Company PJSC and BGN INT DMCC.

The financing is for the construction of two state-of-the-art very large gas carriers at Hyundai Heavy Industries. The vessels will be dual fuel-efficient, fully compliant with IMO regulations and should enjoy certain operational, economic and environmental efficiencies through their LPG engines. LPG engine technology is notable because it is a step towards zero-carbon propulsion of vessels and the shipping industry achieving its ambitious greenhouse gas emission reduction goals. The transaction completed on 31 March 2022.

The Dentons team was led by Partner, Nathanial Armstrong (Picture; Abu Dhabi), with support from Associate Shaakir Daud (Dubai).

Involved fees earner: Nathaniel Armstrong – Dentons; Shaakir Daud – Dentons;

Law Firms: Dentons;

Clients: Abu Dhabi Islamic Bank;