BRAC Bank extends financing to two ocean-going oil tankers for MJL

BRAC Bank has extended landmark financing to MJL Bangladesh PLC for the acquisition of two ocean-going 'Aframax' oil tankers -- the largest vessels registered under the Bangladeshi flag to date.
This transaction represents the largest single-ticket foreign currency (FCY) offshore banking term loan ever arranged by a local private bank in Bangladesh for this industry, says a press statement.
As part of the financing arrangement worth $95.77 million, MJL Bangladesh, a leading provider of sea freight services to both domestic and international petroleum companies, has already inducted 'MT Omera Galaxy', an Aframax-class oil tanker with a capacity of 115,600 dead weight tonnes (DWT), into its fleet. The vessel is the largest ocean-going ship to carry the Bangladeshi flag.
Building on the commercial success of this milestone, MJL Bangladesh is moving forward with the acquisition of a second Aframax tanker, 'MT Omera Liberty', currently under construction at a globally renowned shipyard.
Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank, and Md. Mukul Hossain, Chief Executive Officer of MJL Bangladesh, formally signed the financing agreement in presence of Meheriar M. Hasan, Chairperson of BRAC Bank, and Azam J. Chowdhury, Managing Director of MJL Bangladesh, and Tanjil Chowdhury, Director of MJL Bangladesh, at Mobil House in Dhaka recently.
The facility will enable MJL Bangladesh to expand its fleet with state-of-the-art vessels, thereby strengthening Bangladesh's maritime logistics capacity and facilitating international trade.
Commenting on the financing, Tareq Refat Ullah Khan, Managing Director & CEO of BRAC Bank, said: "This transaction is extraordinary in many respects. It marks the largest FCY offshore banking term loan arranged by a Bangladeshi private bank for this industry, enabling the acquisition of the largest ocean-going vessels to carry the Bangladesh flag. It demonstrates BRAC Bank's capacity to deliver large-scale financing in collaboration with international partners. Beyond strengthening maritime logistics, this financing to MJL Bangladesh contributes directly to enhancing trade, commerce, and long-term economic development of Bangladesh, vis-à-vis will strengthen inward foreign currency flow."