Qatar Shipping, a subsidiary of the LNG giant Milaha, has secured a refinancing package worth US$425mn.

The loan has been provided by a consortium of banks, composed of BTMU, Mizuho, SMBC, Shinsei Bank, the Development Bank of Japan and Standard Chartered.

The finance will refinance the debt accrued in the purchase of four LNG vessels: – SS Fuwairit, SS Lusail, SS Al Thakhira and SS Al-Deebel. The ships are all on long-term charter to Ras Laffan LNG in Qatar.

A spokesperson from Milaha tells GTR: “We think the ship finance market has improved [but] having said that, due to Milaha’s solid financial position and strength we have never really faced serious difficulties in raising debt at competitive rates. As for acquiring new ships, we are constantly assessing the market and cautiously evaluating the recovery process.”