BRAC Bank entered an agreement with the lubricant and liquefied petroleum gas giant MJL Bangladesh to finance $95.77 million for acquiring two Aframax-class oil tankers, the largest ocean-going vessels ever registered under the Bangladeshi flag.
The first vessel, MT Omera Galaxy, with a capacity of 115,600 dead weight tonnes, has already joined the MJL Bangladesh fleet. The second, MT Omera Liberty, is under construction at a globally renowned shipyard and will further expand the company’s capacity in petroleum shipping.
This transaction represents the largest single-ticket foreign currency offshore banking term loan ever arranged by a local private bank in Bangladesh for the maritime industry.
Officials said the facility will enable MJL Bangladesh to strengthen Bangladesh’s maritime logistics and facilitate international trade.
The agreement signing took place at Mobil House in the capital last week, where BRAC Bank Managing Director and CEO Tareq Refat Ullah Khan and MJL Bangladesh Chief Executive Officer Md Mukul Hossain signed the agreement on behalf of their respective organisations.
BRAC Bank Chairperson Meheriar M Hasan, MJL Bangladesh Managing Director Azam J Chowdhury, and Director Tanjil Chowdhury were present at the event.
Khan said the transaction was extraordinary in scope, reflecting BRAC Bank’s growing capacity to structure large-scale financing in collaboration with international partners.
“It not only enables the acquisition of the largest ocean-going vessels to carry the Bangladesh flag, but also strengthens maritime logistics, trade, commerce, and inward foreign currency flow,” he said.
MJL Bangladesh, a joint venture between Jamuna Oil Company and EC Securities Limited, has long been a key player in the energy supply chain, providing sea freight services to both domestic and international petroleum companies.
With the addition of these two Aframax tankers, the company expects to play a bigger role in regional and international petroleum transport, reducing reliance on foreign carriers.
Industry insiders said the financing signals growing confidence in the country’s shipping sector, which has historically lagged behind neighbours despite Bangladesh’s dependence on imported fuel and raw materials.
They said the acquisition of Aframax-class tankers marks a milestone for domestic operators and sets a precedent for local banks to back high-value projects in a sector previously reliant on foreign lenders.
