JBIC providing buyer’s credit to San Isidro LNG I BV

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JBIC is providing a buyer’s credit to San Isidro LNG I BV – a special purpose vehicle owned 50/50 by Mitsubishi Corporation and Imabari Shipbuilding – to fund the acquisition of a liquefied natural gas (LNG) carrier on order at Imabari. 

The vessel is part of an order for two carriers placed by Spanish shipping company Elcano in 2014. Post construction the 178,000 cubic meter LNG carrier will be chartered to Gas Natural Fenosa. Delivery is scheduled for 2017.

Details are sketchy but the loan is co-financed by Mizuho with NEXI providing cover for the Mizuho tranche.