JBIC to fund LNG newbuild acquisition

The Japan Bank for International Cooperation recently said it signed an agreement to provide funds for the acquisition of a liquefied natural gas carrier on order at Imabari Shipbuilding. 

According to the bank’s statement, the buyer’s credit agreement was signed with San Isidro LNG, a joint venture between Mitsubishi Corporation and Imabari Shipbuilding.

The vessel is part of an order for two MEGI engined carriers, Spanish shipping company Elcano placed with Imabari Shipbuilding in 2014. Both ships will feature GTT’s Mark III flex containment system.

Once the construction of the 178,000 cubic meter LNG carrier is complete it will be chartered to Spain’s Gas Natural Fenosa. Delivery is scheduled for 2017.

JBIC added that the loan is co-financed by Mizuho Banks while the insurance is being provided by Nippon Export and Investment Insurance (NEXI).

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