Mitsui OSK Lines (MOL) and NYK Line have received about JPY 126.7 billion (USD1 billion) to finance four Moss-type LNG carriers currently being built by MI LNG and Kawasaki Heavy Industries (KHI).

Japan’s Mitsui O.S.K. and NYK Lines secure loan for 4 new LNG carriers

Image: freeportlng

The Japan Bank of International Cooperation (JBIC), the country's export credit agency, will provide about JPY52 billion of the loans while Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ will provide the remainder.

MOL and NYK ordered the ships on 9 September to ship cargoes from the Freeport LNG project in the United States.

MI LNG, a joint venture between Mitsubishi Heavy Industries and Imabari Shipbuilding, will build two 180,000³ m ships, and KHI will build two 177,000 m³ vessels. All will service long-term shipping contracts with Chubu Electric Power.

JBIC said that through such project financing arrangements, it will support the procurement of energy resources by Japanese companies.