Standard Chartered has announced the completion of three shipping finance deals in excess of $1.6bn concluded in the third quarter of 2016 for clients in Asia and the Middle East.
The three separate deals were done in December, November and October last year for BW Gas JuJu LNG Limited, National Shipping Company of Saudi Arabia (Bahri), and subsidiaries of Reliance Group, respectively.
In December last year, Standard Chartered closed a $684.5m, up to 12-year non-recourse shipping finance facility for BW Gas JuJu LNG, a joint venture partnership between BW Group and Marubeni. The deal saw the bank led a syndicate of nine international banks to refinance existing credit facilities for eight LNG tankers on long term charters to Nigeria LNG.
In November 2016, the bank structured a $350m senior secured Murabaha facility for Bahri, allowing the latter to finance the construction and delivery of five VLCCs for delivery in early 2018.
And in October 2016, Standard Chartered concluded a $572m senior secured term loan facilities to subsidiaries of India’s Reliance Group to finance six very large ethane gas carriers. The transaction was oversubscribed by 12 international banks.
Nigel Anton, managing director and head, shipping finance, Standard Chartered Bank, said: “These deals, which are by no means easy structures, gave us the opportunities to work across teams in order to propose the most optimal and innovative financing solutions for each of the clients.”