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Enoc to Expand Shipping Business

The Dubai Shipping Company, which is a wholly owned subsidiary of Emirates...

The Dubai Shipping Company (DSC), which is a wholly owned subsidiary of Emirates National Oil Company (Enoc), has signed a Dh233 million ($63 million) medium term loan facility with Mashreqbank, to provide funds for its expanding operations.

The deal was signed between Hussain Sultan, Enoc Group chief executive and board member, and Abdul Aziz Al Ghurair, CEO, Mashreqbank.

?The loan will be used to refinance existing facilities and part-finance further vessel acquisitions,? said Sultan.

A Lloyd's certified ISO 9002 company, DSC owns and operates a $150 million fleet of oil and chemical tankers and bunker vessels and provides technical and commercial ship management services.

"The deal marks yet another significant step in strengthening our relationship with the Enoc Group," said Al Ghurair. "It further reiterates Mashreqbank's strong capabilities and increasing presence in the corporate financing sector."