Abu Dhabi National Leasing (ADNL) said it has closed a lease finance deal for two brand new dry bulk vessels (dwt 34,000) worth Dh273 million ($74.3 million) for Stellar Shipping Company, an affiliate of Dubai-based Al Ghurair Group.

An asset-based financed subsidiary of National Bank of Abu Dhabi, ADNL said the deal was one of the largest lease transactions in the region. It is uniquely structured by setting up two separate special purpose companies (SPC) registered in Hong Kong as fully owned subsidiaries of ADNL.

The vessels were built by Shinan Heavy Industries Company, one of the renowned ship building companies based in Gwangju, South Korea.

“We are delighted to play a major role in facilitating Stellar Shipping’s ambitious expansion plans as the company provides specialized and unique services and caters to the high demand in shipping industry especially with the rapid expansion of services sector in the GCC,” said Yousef Abdulla Yousef, general manager of ADNL.

The construction of the second bulk carrier is in an advanced stage and expected to launch by mid January 2010, Yousef said after attending the handing-over ceremony of one of the two vessels in Gwangju, South Korea.

“This is a landmark deal for ADNL which is diversifying its portfolio of assets/equipment into different lines of business activities and focusing more on productive asset which will eventually contribute to the economic growth of the UAE,” he added.

ADNL offers a wide variety of equipment including aircraft, construction equipment, earth moving equipment, cranes, bulldozers, heavy commercial vehicles, district cooling plants, turbine generators, printing presses, cargo ships, yachts, fixed and rotor wing aircrafts, plant & machinery and other movable assets.

ADNL, Yousef said, was currently on the verge of closing similar transactions with other leading shipping companies operating in the UAE and exploring opportunities for extending similar facilities to other GCC firms.

Habeeb Mubarak, director of Stellar Shipping, said, “We are proud to be co-operating with ADNL, a highly reputable company with strong track record.”

“We are committed to delivering the highest level of shipping services that establish benchmark standards in terms of safety, quality and customer service. This deal enables us to expand our fleet and cater to the ever increasing market demands,” he added.-TradeArabia News Service