On behalf of our client, NorthCape is pleased to announce the successful closing of a ~90 % pre- and post-delivery financing for a new build Methanol MR Tanker delivering Q3 2021.
The transaction is structured as a sale and leaseback, with a 15 years bareboat contract and a 15 year back-to back time-charter to a large industrial corporation. The cost of capital is competitive, and the bareboat charterer has purchase options commencing 7 years after delivery. The transaction was started and successfully concluded under strict travel restrictions world-wide, due to the COVID-19 pandemic, without any face-to-face meetings.
Thanks to our strong relationship with trading-house Sojitz Marine & Engineering Corp., banks and ship-owners in Japan, together with a reputable and a transparent client, we managed collectively and constructively to deal with the challenges currently facing the international financial markets.