Bahrain-based Venture Capital Bank has announced an annualised nine per cent dividend, representing 4.5 per cent for the six months ending December 31 last year, to the investors of Lemissoler Maritime Company.

The bank had successfully arranged a $120 million private placement offering for Lemissoler Maritime Company last year which was formed with the objective of owning and operating a diverse fleet of specialised commercial vessels.

'Lemissoler Maritime Company has achieved an excellent performance since its establishment through an initial fleet of five commercial vessels specialised in transportation of paper products,' said Venture Capital Bank chief executive officer Abdullatif Mohamed Janahi.

'Lemissoler has managed to exceed anticipated budget figures.

'A key development achieved by Lemissoler last year was the acquisition of another specialised paper-carrying vessel, that was chartered to Caribbean Forrest Carriers for seven years, in addition to acquiring three sister 2800 TEU container vessels chartered to Evergreen for five years.

'Despite the fact that the shipping industry has witnessed major challenges especially with the noticeable decline in the dry index and the spot rates, Lemissoler has not been affected due to its strategy of acquiring vessels under long-term charter agreements with blue chip companies,' he said.-TradeArabia News Service