DVB Bank AG, the Frankfurt-based bank, which specialises in transport finance, has arranged a USD108 million refinancing of three Suezmax Tankers owned by National Iranian Tanker Company (NITC) and built at Daewoo Shipbuilding & Marine Engineering Co., Ltd. (DSME) in Korea in 2000. The financing is NITC's largest financing with international commercial banks of ships under Iranian flag. The deal was signed on 4 August 2005. Abu Dhabi Commercial Bank, DekaBank and Natexis Banques Populaires joined as co-arrangers with USD20 million each. "DVB Bank is committed to shipping finance in the Middle East. This is the fifth financing we have arranged in the region over the last 12 months. The whole region is undergoing tremendous growth, and Iran is particularly exciting given its size and natural resources. NITC is one of the premier tanker companies in the world, and we are delighted to have concluded this important deal for them." said Peter Illingworth, General Manager and Regional Head of Shipping.