MOL, NYK Line secure funds for LNG newbuilds

Japan’s Bank for International Cooperation revealed it will co-finance four LNG carrier newbuilds that are under construction at MI LNG and Kawasaki Heavy Industries.

Under the agreement, JBIC will provide 52 billion yen while Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ will provide 74.7 billion yen to bring the total loan amount to 126.7 billion yen.

All four ships will be used to transport liquefied natural gas from the Freeport LNG project in the United States for Chubu Electric Power.

Chubu signed long-term charter agreements with Mitsui O.S.K. Lines and NYK Line through 50/50 joint ship owner companies.

Two of the vessels will have a 177,000 cbm capacity while two vessels will have a 180,000 cbm capacity and all four are scheduled for delivery in 2018.

1 Yen = 0.008333 USD

LNG World News Staff; Image: Freeport LNG