Qatar Navigation Q.S.C. : Milaha, Mitsui, Nippon and Kawasaki Successfully Secure US $425 million in Ship Re-Financing
January 24, 2014 at 01:20 pm
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Milaha, Mitsui, Nippon and Kawasaki Successfully Secure US $425 million in Ship Re-Financing
23rd January 2014
Qatar Shipping, a wholly owned subsidiary of Milaha, has secured a 12 year US $425 million (equivalentto QAR 1.55 billion)fixed-term ship financing facility with a consortium of the following banks: The Bank of Tokyo Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation Europe Limited, Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, Shinsei Bank, Limited, Development Bank of Japan Inc. and Standard Chartered Bank.
Proceeds from the facility will be utilized by all four JV partners to refinance existing debt facilities on four LNG vessels - S/S "Fuwairit", SS "Lusail", S/S "Al Thakhira" and S/S "Al-Deebel. The four vessels are owned by JV companies, wholly-owned by vessel sponsors: Qatar Shipping Company (the largest shareholder), Mitsui O.S.K. Lines, Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha - all chartered to Ras Laffan Liquefied Natural Gas Company in Qatar on a long-time charter basis.
Qatar Navigation QPSC is a Qatar-based public shareholding maritime and logistics company, which provides integrated transport and supply chain solutions. The Company, along with its subsidiaries, is engaged primarily in marine transport, acting as agent to foreign shipping lines, offshore services, sale of heavy vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, real estate, investment in listed and unlisted securities, trading of aggregates, building materials and the operation of a travel agency. It is organized into the following business segments: Milaha Capital, Milaha Maritime and Logistics, Milaha Offshore, Milaha Trading, Milaha Gas and Petrochem and Milaha Corporate. Its subsidiaries include: Qatar Shipping Co QSC, Halul Offshore Services Co WLL, Macgregor Qatar Navigation Co WLL, Peninsula LNG Transport No 2 Ltd and Iraq Qatar Transport and Shipping Services Co Ltd, among others.