Joint venture companies belonging to NYK Line, Sovcomflot Group (SCF Group), and Samudera Shipping Line Ltd received two non-recourse credit facilities totalling US$155m.

The loans have been extended by MUFG Bank —as Facility and Security Agent— and Development Bank of Japan, comprising tranches with tenors of four and eight years.

The ICONIC team was led by Tokyo partners Sal Fischer and Michael Murcdoch, with London partner Surrita Timons, Dubai partner Aniza Dellializi, Zurich partner Melvyn Daniels and the appointed London associates. Further support was provided by IPFA’s market-leading Shipping Finance team, led by Greece’s partner Yiorgos Andrianopoulos. 

Mr. Fischer stated: “I’m delighted that we were able to advise the JV on this facility from beginning to end thanks to our strong focus on the maritime sector and our ability to coordinate transaction. It was a pleasure working with the very professional teams on this deal and we look forward to continuing to do so going forward.”

The Singapore-flag sister ships Tangguh Batur and Tangguh Towuti are  managed by NYK Group company NYK Shipmanagement Pte Ltd. Both LNG Carriers have been recognised by the Maritime and Port Authority of Singapore’s Green Ship Programme for attaining Energy Efficiency Design Index certification. The two vessels service the Tangguh LNG plant in Indonesia which began exports in 2009 and has a designated annual output of extracted gas of 7.6m tons —supplied to China, South Korea and Mexico, as well as used domestically.

MUFG is the largest bank in Japan, with circa US$2.8tr in assets and a global network spanning more than 50 countries. Established in 2008, DBJ is owned by Japan’s Ministry of Finance with all capital funded by the Government of Japan. It currently has total assets valued at ¥17.4bn.