Key Equipment Finance recently served as the lead arranger of a group syndication that provided $177.5 million in financing for Pasha Hawaii’s second liquefied natural gas (LNG)-powered container ship, the Janet Marie. Pasha Hawaii is a shipping and logistics company based in Honolulu.
The 774' Janet Marie is a containership used for transporting containers between Hawaii and the U.S. mainland. The vessel will accompany its sistership, the Pasha Hawaii LNG-fueled containership George III, which Key Equipment also helped as lead arranger.
“We are thrilled to work with Pasha Hawaii once again and deliver a financing solution to help with construction of the second LNG-powered vessel to be operated by the company,” Phil Turner, executive vice president and managing director for capital markets, Key Equipment Finance, said in a statement. “This solution was not without challenges, considering world events over the past few years, but Key’s financing team focused on supporting our client, with the backing of a diversified bank group. The highly efficient and expertly designed MV Janet Marie will join MV George III in servicing Hawaii for years to come.”
Janet Marie and George III are two of the first LNG-powered vessels to serve the West Coast, operating on LNG from day one in service, and substantially improving the vessels’ environmental footprint.
Pasha Hawaii officials said that the Janet Marie “surpasses the International Maritime Organization (IMO) 2030 emission standards for ocean vessels, accompanying its sistership, George III, in representing the most technologically advanced and environmentally friendly vessels to serve Hawaii. Energy efficiencies are also achieved with a state-of-the-art engine, an optimized hull form, and an underwater propulsion system with a high-efficiency rudder and propeller.”