Venture Capital Bank announces 9% annualized dividends for Lemissoler Maritime Company W.L.L.

VCBank has successfully arranged a $120m private placement offering for Lemissoler Maritime Company in 2008 which was formed with the objective of owning and operating a diverse fleet of specialized commercial vessels.

"Lemissoler Maritime Company W.L.L. has achieved an excellent performance since its establishment through an initial fleet of five commercial vessels specialized in transportation of paper products",

said Mr. Abdullatif Mohamed Janahi, Venture Capital Bank Chief Executive Officer.

"Lemissoler has managed to exceed anticipated budget figures", Mr. Janahi said.

"A key development achieved by Lemissoler last year was the acquisition of another specialized 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", he added.

Mr. Janahi spoke about the impact of the financial crisis on the shipping industry.

"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 and the prudent vessel acquisition strategy guided by the Board of Directors", Mr. Janahi concluded.