KSS Line manages to secure necessary financing for its VLGC

By Finance

KSS Line, South Korean LPG and chemical shipping company, has finalized a financing deal with Korea Development Bank (KDB) regarding one of its newbuilds.

According to the contract, signed on February 26th, 2015, KDB is to provide the necessary funds for a 84,000 CBM very large gas carrier (VLGC).

The financing deal’s value has not been disclosed as of yet.

KSS currently has one 84,000-CBM VLGC newbuilding that is being built at Hyundai Heavy Industries (HHI) and is scheduled to be delivered in 2016. The VLGC is assigned on charter with Japanese trader Itochu for a seven-year-plus time period.

KSS Line

KSS Line commissioned Hyundai Mipo Dockyard earlier this month to construct one 38,000 CBM LPG/ammonia carrier vessel.

The brand new middle-sized carrier vessel is going to cost USD 52 million to manafacture, and if all goes as planned is going to join the fleet of the Seoul-based shipper in February of 2017, as it was made clear by KSS Line’s latest announcement on the Korea Stock Exchange.

The company has, according to reports, already managed to charter out the newbuild to a client from India, whose name as of yet has not been made public.

KSS Line operates and manages 15 owned ships in its fleet that range from VLGCs, medium gas carriers (MGCs) to stainless steel chemical tanker vessels.