Standard Chartered Arranges MYR 162 million Financing for Tanjung Kapal

One of the structures that could be expected to grow in the next months is Islamic finance. Access to a separate group of investors aside, Islamic finance in shipping has often been cited as uneconomical due to the costs and complications associated with the structuring of deals. The relevance of such inhibitors pales compared to the relative difficulty of finding finance at all in today’s market.

Standard Chartered has long been at home in this arena, and it is little surprise that they have been actively closing a relatively large number of modestly sized deals. Most recent was a MYR 162 million bilateral 10-year Islamic Finance Lease Facility for Tanjung Kapal Services Sdn Bhd, a subsidiary of Tanjung Offshore, for the construction and commissioning of four new AHTS vessels. These will complement Tanjung’s existing fleet of 11 offshore support vessels. The facility is based on the Sharia-compliant concept of Ijarah and shall be disbursed in two tranches within an expected timeframe of two years.

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