Dentons has advised Abu Dhabi Commercial Bank (ADCB) on an AED 210 million (US$57.2 million) senior secured financing of ASBI Shipping, a joint venture between Al Seer Marine’s ASM Nautical Holding and B International Shipping & Logistics. The seven-year facility supported ASBI Shipping’s acquisition of two 22,000m3 liquified petroleum gas (LPG) tankers, each deployed under a 10-year charter with BGN INT DMCC.
Nathaniel Armstrong, Partner at Dentons, commented: “We are delighted to have advised ADCB on this significant ship financing, supporting the strategic expansion of the borrower group into the specialised LPG sector of the shipping market.”
The Dentons team was led by Abu Dhabi office managing partner Nathaniel Armstrong with assistance from senior associate Shaakir Daud and associate Najeeb Gill.
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