Japanese and Norwegian Banks to Finance KSS Vessel

24 July 2011 (Last Updated July 24th, 2011 18:30)

South Korea's KSS Line will procure ten-year loans for a 78,000cbm VLGC from Japan's Bank of Tokyo Lease, Norway's DVB Bank and Japan's CTL, amounting to $57.85m. The VLGC is under construction by Japan's Mitsubishi Heavy Industries. The total cost of the vessel is about $89m,

South Korea’s KSS Line will procure ten-year loans for a 78,000cbm VLGC from Japan’s Bank of Tokyo Lease, Norway’s DVB Bank and Japan’s CTL, amounting to $57.85m.

The VLGC is under construction by Japan’s Mitsubishi Heavy Industries.

The total cost of the vessel is about $89m, of which 65% amounting $57.85m will be financed and the remaining about $31.15m will be covered by KSS.

GAS POWER Shipping, a KSS special purpose company is the subject of financing.

The VLGC is scheduled to be delivered in February 2012.

Upon delivery, it will be operated under a bare boat charter with a hire-purchase (BBCHP) contract.