K Line Secures USD 180 Mn Refinancing for LNG Tanker Duo

Japan’s shipping major Kawasaki Kisen Kaisha (K Line) recently secured a USD 180 million refinancing for two of its liquefied natural gas (LNG) vessels.

The refinancing was agreed for the company’s LNG tankers Arctic Voyager and Arctic Discoverer,  which are time-chartered to Norwegian oil and gas giant Statoil ASA.

According to law firm Watson Farley & Williams (WFW), which acted as the adviser on the matter, the loan was agreed with Japan’s MUFG Bank, Development Bank of Japan Inc. and French banking and financial services company Societe Generale.

The 140,000 cbm carriers, delivered in July and February of 2006, were chartered on the Snøhvit project in the southern Barents Sea for a period of 20 years.

Arctic Voyager and Arctic Discoverer are co-owned by Statoil, Mitsui & Co. and Iino Kaiun. The vessel were constructed to lift cargoes from the LNG development project and export them to Spain and US.