Fratelli Cosulich gets loan to fund LNG bunkering vessel

Italian shipping group Fratelli Cosulich has received a loan from a consortium of banks to partly fund the construction of its LNG bunkering vessel under construction in China.

The loan is worth 29.5 million euros ($29.4 million), according to a statement by Watson Farley & Williams (WFW), who advised the lenders.

WFW said the loan would cover about 70 percent of the construction costs of the newbuild.

Lenders comprising Credit Agricole Italia (agent bank), UniCredit, Cassa Depositi e Prestiti (CDP), and Banco BPM, backed by Italian ECA SACE, granted the loan to Fratelli Cosulich LNG2, it said.

The name of the Fratelli Cosulich unit suggests that the loan could go for the construction of the second LNG bunkering vessel.

Fratelli Cosulich gets loan to fund LNG bunkering vessel
Image: CIMC SOE

In August, CIMC SOE held a keel-laying ceremony for the first out of two of these 8,200-cbm LNG bunkering ships.

Fratelli Cosulich placed the order for this 5,300-dwt dual-fueled vessel at CIMC SOE in May last year.

In addition to this ship, Fratelli Cosulich exercised an option for the second LNG bunkering vessel last year as well.

The Italian firm previously said it would invest about $45 million in the first LNG bunkering vessel, but it also said it would receive a grant of about $5.2 million from the European Union under the Connecting Europe Facility (CEF) program.

Fratelli Cosulich plans to take delivery of the first vessel in 2023, followed by the second ship in 2024.

Besides these LNG bunkering vessels, Fratelli Cosulich is looking to order one ammonia bunkering vessel at CIMC SOE as well.

Most Popular

Aramco eyes large LNG portfolio

Aramco's long-term ambition is to have a portfolio of 20 million tonnes per annum (mtpa) of LNG capacity, according to Aramco’s CEO, Amin Nasser.

Argentina’s Southern Energy takes FID on second FLNG

Argentina's Southern Energy takes FID on second FLNG

Energy Transfer in advanced talks to sell remaining Lake Charles LNG volumes

Texas-based Energy Transfer is in advanced discussions for the sale of the remaining offtake volumes from its proposed Lake Charles LNG export facility in Louisiana, according to its management.

More News Like This

CIMC SOE kicks off work on Avenir LNG bunkering vessel

China’s Nantong CIMC Sinopacific Offshore & Engineering has officially started building another liquefied natural gas (LNG) bunkering and supply vessel for UK-based Avenir LNG.

CIMC SOE scores another LNG bunkering vessel order

CIMC SOE announced on Friday that it will construct an LNG bunkering vessel for a European owner, with the...

CIMC SOE secures new LNG bunkering vessel order

China’s Nantong CIMC Sinopacific Offshore & Engineering has secured an order to build one liquefied natural gas (LNG) bunkering and supply vessel.

CIMC SOE completes Croatian regas module

Chinese shipbuilder Nantong CIMC Sinopacific Offshore & Engineering has completed Wartsila's regasification module that will be installed onboard the 140,000-cbm FSRU, LNG Croatia.