KfW IPEX-Bank has stumped up $186.3m for the 21,000-cbm vessels, it said in a statement today.

Some EUR 50.4m came via a complex structure covered by export credit insurance from Euler Hermes, the bank says.

Mike Abbott, chief financial officer of Petredec, said: "We are pleased to work with the German specialist financier as well as the German exporter who will contribute its technical expertise to the project.

“Both