Investor Relations

The 2025 Bond Programme

Each Series constitutes a ring-fenced capital centre with segregated assets, liabilities, and payment waterfalls. Investors benefit from a bankruptcy-remote structure, independent trustee oversight, and clear priority of payments.

Investor Protection Framework

1. Asset Security

All vessels are held through single-purpose ship-owning subsidiaries. Each ship is mortgaged in favour of a security trustee acting for bondholders. Earnings, insurances, and bank accounts are assigned to the secured creditors, ensuring enforceable collateralisation.

2. Cash-Flow Waterfall

Revenues are applied in a strict order of priority:

• Operating and insurance expenses

• Debt service – interest and principal to bondholders

• Reserve top-ups (3–6 months coupon cover)

• Distributions to equity (if applicable)

This ensures transparency and predictability in returns.

3. Credit Enhancements

• Conservative loan-to-value ratios across the fleet

• Insurance proceeds pledged to investors (H&M, P&I, loss-of-hire)

• Green certification and disclosure under ICMA principles

• Independent audits and IFRS-compliant reporting

Sustainability & Green Bond Alignment

The SPV’s Green Financing Framework allocates proceeds exclusively to eligible maritime assets contributing to decarbonisation and energy efficiency.

Vessels are designed to meet or exceed IMO 2030/EEXI/CII standards, with lifecycle reporting on emissions performance.

Green designation follows the ICMA Green Bond Principles, focusing on transparent use of proceeds, management of funds, and impact reporting. Failure to maintain a green label does not affect payment obligations, preserving bondholder protection.

Governance & Independence

Gulf Maritime Shipping SPV FZ-LLC is fully independent, with its own board and fiduciary structure.

• Trustee/Security Agent holds all collateral and acts solely for investors.

• Gulf Maritime Shipping provides commercial advisory and chartering support but holds no control over investor funds.

• Reporting: IFRS-compliant statements, independent audits, and listing-level disclosures.

Strategic Value

The SPV provides exposure to real, income-producing maritime assets without the complexity of operational shipping management.

All operational functions—crewing, maintenance, and voyage management—are outsourced to top-tier international managers, ensuring professional oversight and predictable performance.

Gulf Maritime Shipping benefits from strengthened commercial integration and future access to fleet ownership once the bonds reach maturity, while investors enjoy a stable yield and secured downside protection.

Key Investor Benefits

• Attractive Yield: 10% fixed coupon

• Security: Asset-backed by mortgaged vessels and pledged accounts

• Liquidity: Tradable on Vienna and Dubai professional exchanges

• Transparency: Audited, IFRS-compliant disclosures

• Sustainability: Certified green structure and ESG integration

Disclaimer & Eligibility Notice

This document is provided for information purposes only and does not constitute an offer or solicitation to the public.

Any investment decision must be based solely on the Base Prospectus, supplements, and Final Terms of the relevant Series.

In or from the Dubai International Financial Centre, this information is directed only to Professional Clients or Market Counterparties as defined under the DFSA Conduct of Business Rules. It is not intended for Retail Clients. Admission to trading on the Vienna MTF (Professional Segment) or Nasdaq Dubai does not imply approval or guarantee by those exchanges or any regulatory authority.