The shariah-compliant facility matures over 12 months with JPMorgan Chase Bank, Samba Financial Group and Saudi British Bank.

Bahri said Vela's ships will be mortgaged to the lenders.

It will then arrange for a shariah-compliant long-term finance deal during the period to pay off the 12-month facility.

Shareholders have now approved the merger and a $210m capital increase to help pay for it.