Narrative
Full Description
Project narrative
On June 10, 2022, financial close was reached on a deal in which a syndicate of three banks — the Industrial and Commercial Bank of China (ICBC), Sumitomo Mitsui Trust Bank (SMTB), and Yamaguchi Bank — entered into a $95.25 million USD syndicated loan agreement with an unspecified Singapore-registered special purpose vehicle (SPV) — jointly owned by Japanese transportation company Kawasaki Kisen Kaisha ("K" Line) (50% equity stake), Hai Kuo 2045G Limited (30% equity stake), and Shenergy Hongkong Holding Limited, a Hong Kong-incorporated subsidiary of Chinese state-owned energy, oil, and gas company Shenergy Company Limited majority owned by Shanghai Government-owned Shenergy Group Company Limited (20% equity stake) — for the construction of the Lagenda Serenity LNG vessel. This loan carried a maturity period of 12 years and a final maturity date of June 10, 2034. Each lender contributed $31.75 million USD to the loan syndicate. The proceeds were to be used by the borrower for the construction of a mid-size W-class LNG carrier vessel named 'Lagenda Serenity' with a capacity of 79,960 cubic meters with a length of 239 meters, dual-fuel X-DF propulsion, a GTT’s NO96 L03+ containment system, and built to ABS class. The vessel was constructed by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. The vessel was to be chartered to Malaysian energy company Petronas LNG Ltd. for 12 years to be used to transport LNG from Malaysia to Shenergy for discharge at Wuhaogou LNG terminal, Shanghai. Lagenda Serenity was delivered on June 10, 2022.