ENOC
deal for Hyundai
Posted: 14 June 2003
Dubai Shipping Company, a subsidiary of Emirates National Oil
Company (ENOC), has awarded South Korea's Hyundai Heavy Industries
Co.
Limited a US $70 million contract for the building of two high
specification double-hulled tankers.
The tankers, each with a 75,000 ton capacity, will be built in
Hyundai's yard in Korea and are due for delivery in 2005.
The contract award was signed today at ENOC's Dubai headquarters
in Dubai by Hussain M. Sultan, ENOC's Group Chief Executive and
Board Member, B. O. Kim, Vice President Ship Sales, from the head
office in Korea of Hyundai Heavy Industries in Korea and Anis Al
Jallaf, Managing Director and CEO of Emirates Bank Group, which
has been mandated for the bank financing.
"This contract reflects the continued profitable expansion
of Dubai Shipping Company and its extensive servicing of regional
and international players," said Sultan. "These tankers,
which will carry clean petroleum products, will be state-of-the-art.
They will be fitted with the latest deep well pumps and meet international
environment safety requirements of being completely double-hulled."
ENOC says Hyundai Heavy Industries Co. Limited (HHI) was selected
following extensive consultations with a number of the world's leading
ship manufacturers.
"These were aimed at ensuring we secured the best quality
of build on the right commercial terms," said Sultan.
The two vessels will join a growing DSC fleet, which currently
comprises US $150 million worth of oil and chemical tankers trading
worldwide.
"Dubai Shipping Company has an expanding international reputation
within the global marine sector and this contract award, from such
a reputed player, is a major asset to our client portfolio,"
said Kim of HHI.
Emirates Bank International was selected as the financing partner
following a close successful and long-term relationship with ENOC.
"Once again we are partnering ENOC in growth and by doing
so are assisting in the diversification of the economy. The ENOC
group is one of our most important corporate relationship and this
high quality financing reinforces EBILs position as a market leader
in corporate finance," said Anis Al Jallaf, of Emirates Bank
Group.
Apart from owning and operating a fleet of oil and chemical tankers
trading worldwide, DSC provides ship management services to both
technical and commercial for the vessels.
The entire fleet of DSC vessels trade globally with major oil companies
and are chartered by a growing list of international clients. DSC
has been certified by Lloyd's as operating to ISO 9002/ISM standards.
The company is a licensed shipping agent for Dubai's main ports
as well as Fujairah Port. It handles agency work for other ship
owners, including the supply of spare parts and the expedition of
crew movements.
The signing ceremony was also attended by I. K. Kang, Middle East
Marketing Representative, J. M. Roh, General Manager Ship Sales
both of HHI, B. J. So, Deputy General Manager, Harry Theochari,
Senior Partner, Norton Rose, London, Abdulwahid Alfahim, General
Manager, Corporate Banking of Emirates Bank International, Rajan
Khetarpal, Senior Manager & Head of Corporate Banking Unit and
Sharad Upadhyaya, Senior Relationship Manager, Corporate Banking
Unit, EBI, Yusr Sultan, Chief Executive, Shipping Terminalling &
LPG, ENOC, Zafar Rizvi, Finance/Administration Manager, Dubai Shipping
Company, and Captain Jim Hayer, Projects Director, ENOC.
For further information see www.enoc.com.
Posted by Richard Price,
Editor Pipeline Magazine
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