Key Equipment Serves as Lead Arranger in $177.5MM Pasha Hawaii Financing Deal



Key Equipment Finance served as the lead arranger of a group syndication providing $177.5 million in financing for Pasha Hawaii’s second liquefied natural gas (LNG)-powered container ship, the MV Janet Marie.

The MV Janet Marie is a 774-foot LNG-fueled container ship used for transporting containers between Hawaii and the mainland United States. The vessel will accompany its sister Pasha Hawaii LNG-fueled ship, the MV George III, which Key Equipment Finance also helped finance as lead arranger.

“We are thrilled to work with Pasha Hawaii once again and deliver a financing solution to help with construction of the second LNG-powered vessel to be operated by the company,” Phil Turner, executive vice president and managing director for capital markets at Key Equipment Finance, said. “This solution was not without challenges, considering world events over the past few years, but Key’s financing team focused on supporting our client, with the backing of a diversified bank group. The highly efficient and expertly designed MV Janet Marie will join MV George III in servicing Hawaii for years to come.”

MV Janet Marie and MV George III are two of the first LNG-powered vessels to serve the West Coast, operating on LNG from day one in service, improving the vessels’ environmental footprint.

“We are pleased to complete financing on our second vessel, the MV Janet Marie, another successful deal worked with the skilled team at Key through unconventional times, including an international pandemic, followed by supply chain challenges, labor shortages and uncertain economic times,” George Pasha IV, president and CEO of The Pasha Group, the parent company of Pasha Hawaii, said. “MV Janet Marie joins MV George III, both named in honor of my late parents, as state-of-the art LNG-powered vessels built specifically to meet the needs of the mainland/Hawaii market and minimize environmental impact.”

Pasha Hawaii noted that the MV Janet Marie “surpasses the International Maritime Organization (IMO) 2030 emission standards for ocean vessels, accompanying its sister ship, MV George III, in representing the most technologically advanced and environmentally friendly vessels to serve Hawaii. Energy efficiencies are also achieved with a state-of-the-art engine, an optimized hull form and an underwater propulsion system with a high-efficiency rudder and propeller.”

The Key Equipment Finance team for this deal was led by Brandon Hannaman, senior vice president of sales at Key Equipment Finance, and Sera Oliver, director of capital markets at Key Equipment Finance.

“Sera and I also recognize the expertise and collaboration of North American Marine Consultants LLC and Womble Bond Dickinson LLP’s Jill Davidson throughout this transaction,” Hannaman said. “This team was instrumental in seeing this transaction through to closing.”


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