Image by Gerd Altmann from Pixabay
Image by Gerd Altmann from Pixabay

Kumiai Senpaku Co. Ltd., one of the largest independent shipping companies in Japan, has agreed to finance the construction and acquisition of a passenger vessel for Starlite Ferries, Inc., a wholly owned subsidiary of Chelsea Logistics and Infrastructure Holdings Corp. (CLIHC).

The 98-meter passenger ferry with Hull No. S-1191 will be built by Kegoya Dock Co. Ltd. at its shipyard in Hiroshima, Japan, and delivered to Starlite in April 2020, CLIHC said in a statement.

The S-1191 is the subject of a 20-year bareboat charter agreement signed on May 26 between Kumiai’s subsidiary, Southern Pacific Holding Corporation (SPHC) as owner, and Starlite Ferries, Inc. as charterer. The bareboat charter agreement comes with an irrevocable obligation for Starlite Ferries to purchase the vessel at the end of the 20-year charter period.

Also on May 26, CLIHC signed the letter of guarantee in favor of SPHC in connection with the obligations and undertakings of Starlite Ferries under the bareboat charter agreement.

Kumiai previously financed the acquisition by Trans-Asia Shipping Lines, Inc., also a wholly owned subsidiary of CLHIC, of a 67-meter passenger ferry, with Hull No. S-1185, which was subsequently named Trans-Asia 19 and arrived in the Philippines in November 2018.

“Our new strategic partnership with Kumiai underscores our long-standing and ongoing commitment to shipping modernization, becoming the country’s prime mover of vital goods, cargoes and people. We look to Kumiai as a leader in Japan’s shipping industry, whose excellence can bring our local shipping industry to global standards,” CLIHC president and chief executive officer Chryss Alfonsus V. Damuy said.

Aside from Starlite and Trans-Asia, CLIHC’s shipping and logistics businesses include Chelsea Shipping Corp., and Worklink Services, Inc. It also has 28.15% indirect economic interest in total logistics solutions provider 2GO Group, Inc.

You May Also Like

Harbor Star buys into renewable energy firm

Marine services provider Harbor Star Shipping Services, Inc. (HSSSI), through its wholly owned subsidiary Harbor Star Energy Corporation (HSEC), has bought the majority shares…

PIL, IBM collaborate in blockchain trial to create electronic bill of lading

Pacific International Lines (PIL), Singapore’s national carrier and leading containership operator, is collaborating with IBM Singapore in a blockchain trial to design and create…

NOL carves 2Q profit mainly from logistics sale, cost savings

Singapore-based Neptune Orient Lines (NOL) said it achieved a net profit of US$890 million in the second quarter of the year compared to a…

TSA lines announce rate adjustment effective March 15

As container shipping lines face estimated 2011 losses in the billions of dollars across their global networks, including the transpacific trade, member carriers in…