Finance and InsuranceMiddle EastOffshore

Zakher Marine secures Chinese financing for newbuild liftboats

UAE-based Zakher Marine International has completed a $125m financing deal with China Export and Credit Insurance Corporation (Sinosure), the official export credit agency of China, for two newbuild liftboats.

The two liftboats, QMS Sentinel and QMS Gladiator, were both built by CSIC-affiliated Wuhan Marine Machinery Plant and delivered to Zakher Marine last year.

“This transaction is a first of its kind in the region, paving the way for a long relationship with our financing partners locally and internationally,” said Ramzi Al-Sewaidi, head of strategic projects at Zakher Marine.

The financing is backed by Sinosure and HSBC acted as sole ECA Coordinator, and the transaction also included Mashreq Bank and Bank of Communications.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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