Sovcomflot and NYK Line have signed a new USD 176 million non-recourse credit facility for eight years with three leading international banks, reports Steel Guru.
The three banks
- Sumitomo Mitsui Banking Corporation of Japan;
- Societe Generale of France, and
- Shinsei Bank of Japan.
What will the facility be used for?
The facility will be used towards refinancing two ice-class LNG carriers servicing
- the Sakhalin-2 project, Grand Aniva and
- her sister ship Grand Elena.
These are jointly owned and operated by SCF Group and NYK Line.
Sakhalin Energy long term contract
The vessels transport LNG year-round from the port of Prigorodnoye on Sakhalin Island to customers in Japan, South Korea and China.
This is under long-term contracts with Sakhalin Energy, the operator of Sakhalin-2 project.
Successful 325 LNG voyages
Since LNG shipments began from Sakhalin-2 in March 2009, the two carriers have successfully completed 325 voyages.
Total of over 46.5 million cubic metres of LNG has been delivered to customers.
Vessels with ice class of 1C
Grand Aniva (built in 2008) and Grand Elena (built in 2007) each have a cargo capacity of 145,000 cubic metres.
The vessels are assigned an ice class of 1C, allowing them to safely operate in challenging ice conditions of the Sea of Okhotsk year-round.
Comply with Poseidon Principles
With this financing facility, SCF Group is pioneering the adoption of provisions that enable lenders to comply with the Poseidon Principles
- an environmental initiative by leading international banks promoting low carbon future for the global shipping industry by establishing a framework for assessing and
- disclosing the climate change impact of ship finance portfolios.
The Poseidon Principles are consistent with the International Maritime Organisation’s (IMO) ambition to reduce shipping’s greenhouse gas emissions by at least 50 per cent by 2050.
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Source: SteelGuru
