JBIC Bankrolls Diamond LNG Shipping Duo

Sempra LNG Singapore-based special purpose companies Diamond LNG Shipping 1 and Diamond LNG Shipping 2, jointly owned by Mitsubishi Corporation and NYK Line, have secured a loan worth JPY 41.6 billion (USD 340 million) to finance purchase of liquefied natural gas (LNG) tankers. The loan agreement was signed with the Japan Bank for International Cooperation and is co-financed by Sumitomo Mitsui Banking Corporation, the Bank of Tokyo-Mitsubishi UFJ, Ltd., and Sumitomo Mitsui Trust Bank, Limited. Each of the two entities secured a loan worth JPY 20.8 billion, with JBIC financing the majority of up to JPY 14.5 billion. The loans are intended to finance the procurement of LNG tankers to be used mainly for transporting LNG produced by the Cameron LNG project 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, Japan Bank said.