Lauritzen Kosan and Tailwind in JV

With loan to value ratios falling substantially faster than vessel prices, it’s more important than ever for owners with ships on order to come up with creative ways to source additional equity. Lauritzen Kosan has been successful in doing just this with five of the 15 newbuildings it has on order. It was reported this week that the company has formed a 50/50 joint venture with Bergen-based lessor Tailwind. The joint venture company, LKT Gas Carriers, took delivery of its first vessel this year. By 2010 it is to take deliv­ery of a total of five ethylene/LPG carrier newbuildings ranging from 8,000 to 9,000 cbm. The ships will be flagged in Singapore and commercially operated by Lauritzen Kosan.

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