TCC Group Takes Delivery of Tanker Newbuilding Duo

Hong Kong-based shipowner Tai Chong Cheang Steamship Group (TCC Group) has taken delivery of two Aframax tanker newbuildings from the Namura Shipyard in Japan.

The two 114,700 DWT tankers, the KWK Excelsus  and the CSK Vanguard, were delivered to the owner in the second half of 2016. Both vessels are time chartered out to BP.

The TCC Group, the owner and operator of a fleet comprising bulk carriers and tankers, has also signed two buyer’s credit agreements with the Japan Bank for International Cooperation (JBIC) to finance the purchase of the two tankers. JBIC signed loan agreements with the TCC Group’s two Singaporean subsidiaries. These loans follow the previous buyer’s credits to the TCC Group in May 2014 for two bulk carriers, JBIC said.

”These loans are intended to support the export of ships built by Japanese shipbuilders which perform a significant role in the regional economy and associated industries, including mid-tier enterprises and small and medium-sized enterprises (SME). Thus, these loans will contribute to maintaining and strengthening the international competitiveness of the Japanese shipbuilding industry,” JBIC said in a statement.

As Japan’s policy-based financial institution, JBIC said it will continue to support the export of ships built by Japanese shipbuilders in partnership with the Shipbuilders’ Association of Japan by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.

TCC is also expected to take delivery of two more Aframaxes from Namura’s yards at Sasebo and Imari in 2017.

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