KSS Line Secures Financing for Its VLGC

South Korean  LPG and chemical shipping company KSS Line has signed a financing deal with Korea Development Bank (KDB) for one of its newbuilds.

Under the deal, signed on February 26, 2015, KDB will provide financing for a 84,000 cbm very large gas carrier  (VLGC).

The value of the financing deal has not been disclosed.

KSS has one 84,000-cbm VLGC newbuilding under construction at Hyundai Heavy Industries (HHI) which is due for delivery in 2016. The VLGC is assigned on a seven-year-plus time-charter with Japanese trader Itochu.

Earlier this month KSS Line commissioned Hyundai Mipo Dockyard to build one 38,000 cbm LPG/ammonia carrier.

The new mid-size carrier will cost USD 52 million to build, and will join the Seoul-based shipper’s fleet in February 2017, according to the company’s latest announcement on the Korea Stock Exchange.

KSS Line has reportedly already chartered out the newbuild to an unnamed client from India.

The company operates 15 owned vessels in its fleet ranging from VLGCs, medium gas carriers (MGCs) to stainless steel chemical tankers.

World Maritime News Staff; Image: KSS

 

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