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Project Financing for Procurement of LNG Tankers
Support for Securing Long-term LNG Supplies

  • Region: North America
  • Energy and Natural Resources
  • Overseas Investment Loans
  • Project Finance

December 17, 2015
  1. The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed on December 16 the following two loan agreements in project financing*1 with special purpose companies (SPCs) funded 50% by Mitsubishi Corporation (MC) and 50% by Nippon Yusen Kabushiki Kaisha (NYK LINE). Both loans are cofinanced with Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., and Sumitomo Mitsui Trust Bank, Limited.

    • Borrower: DIAMOND LNG SHIPPING 1 PTE. LTD. (DLS1), a Singaporean entity
          JBIC portion: up to JPY14,560 million
          Total cofinancing amount: JPY20,800 million
       
    • Borrower: DIAMOND LNG SHIPPING 2 PTE. LTD. (DLS2), a Singaporean entity
          JBIC portion: up to JPY14,560 million
          Total cofinancing amount: JPY20,800 million
       
  2. The loans are intended to finance the procurement by DLS1 and DLS2 of liquefied natural gas (LNG) tankers to be used mainly for transporting LNG produced by the Cameron LNG project*2 located in the U.S., in which MC, NYK LINE, and other Japanese companies participate. These loans will contribute to securing for Japan a long-term and stable supply of LNG that has become increasingly important in recent years as fuel for power generation, while applying the know-how of Japanese shipping companies.
     
  3. As Japan's policy-based financial institution, JBIC will continue to financially support the promotion of acquisition and development of energy resources by Japanese companies, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
Note
  1. *1 Project finance is a financing scheme in which repayments are made solely from the cash flows generated by the project and secured only on the project assets.
  2. *2 JBIC signed a loan agreement in project financing amounting up to USD2.5 billion for the above project in August 2014. See Press Release of August 7, 2014 for details.

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