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Overview

China Eximbank contributes to a syndicated loan to partially finance the construction of the world's largest LNG bunkering vessel ('Gas Agility')

Commitment Year•2019Country of Activity•JapanDirect Recipient Country of Incorporation•MaltaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 23, 2019
Start (actual)
Nov 1, 2018
End (planned)
Jan 1, 2020
End (actual)
Apr 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Emerald Green Maritime Limited

Implementing agencies

Private Sector

  • Gaztransport & Technigaz SA (GTT)

State-owned companies

  • Hudong-Zhonghua Shipbuilding Group Co., Ltd.

Security / collateral agents

Private Sector

  • Société Générale S.A. (SocGen or Societe Generale)

Loan description

2019 syndicated loan from China Eximbank to partially finance the construction of the world's largest LNG bunkering vessel ('Gas Agility')

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 19, 2019, a a two-bank syndicate — the Export-Import Bank of China and BNP Paribas S.A. — entered into a syndicated green loan agreement with Emerald Green Maritime Limited — a Malta-incorporated special purpose vehicle that is wholly owned by Mitsui O.S.K. Lines, Ltd. (MOL) — to partially finance the construction of the world's largest LNG bunkering vessel. Vigeo Eiris served as the evaluating and accrediting organization for its environmental and social governance (ESG) performance. China Eximbank and BNP Paribas served as mandated lead arrangers and BNP Paribas served as Sole Green Structuring Advisor }. The proceeds were to be exclusively used to partially finance the construction of a 18,600 cubic meter liquefied natural gas (LNG) bunkering vessel that would be owned and operated by MOL, which was expected to be delivered in early 2020. Hudong-Zhonghua Shipbuilding was responsible for vessel construction, with GTT providing its Mark III membrane containment system for the vessel. The vessel had a length of about 135 meters and maneuverable design, with highest environmental standards through the use of LNG as fuel and a complete reliquefication of the boil-off gas. On February 6, 2018, it was announced that Total Marine Fuels Global Solutions (TMFGS), a subsidiary of France's Total S.A., and MOL had signed signed a long-term charter contract for the vessel, which was expected to operate in Northern Europe supply CMA CGM’s new build LNG mega container ships, following the 10 years contract of 300 thousand tons per annum signed with TMFGS in December 2017. The newbuild would be managed by MOL (Europe Africa) Ltd, a United Kingdom subsidiary of MOL. Construction began in November 2018. The ship was delivered in April 2020. On September 18, 2020, the vessel was officially named "Gas Agility" in a ceremony in Rotterdam, the Netherlands.