Qatar Shipping, a wholly owned subsidiary of Milaha (previously known as Qatar Navigation), has secured a 12 year US $425million (equivalent to QAR 1.55 billion) fixed-term ship financing facility with a consortium of the following banks: The Bank of Tokyo Mitsubishi UFJ, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation Europe Limited, Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, Shinsei Bank, Limited, Development Bank of Japan Inc. and Standard Chartered Bank.
Proceeds from the facility will be utilized by all four JV partners to refinance existing debt facilities on four LNG vessels – S/S “Fuwairit”, SS “Lusail”, S/S “Al Thakhira” and S/S “Al-Deebel”. The four vessels are owned by JV companies, wholly-owned by vessel sponsors: Qatar Shipping Company (the largest shareholder), Mitsui O.S.K. Lines, Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha, all chartered to Ras Laffan Liquefied Natural Gas Company in Qatar on a long-time charter basis.Established in 1957, Milaha has become one of the largest and most diversified maritime and logistics companies in the Middle East. Operations now range from ocean transport and offshore support services, to 3PL (third party logistics) and ancillary solutions.