Navig8 Product Tankers has agreed a $66m senior secured credit facility with ABN AMRO Bank in Singapore for post-delivery financing for two of its LR1 product tanker newbuildings.
The facility itself will come in two separate tranches and is equivalent to around 65% of the contract price of the four 74,000-dwt LR1s being built for Navig8 at SPP Shipbuilding in South Korea.
A tranche of $52.8m has been insured by Korea Trade Insurance Corporation, which sits alongside a commercial tranche of $13.2m, the Oslo-listed shipowner said.
Each drawdown from the loan will be drawn 20% from the Commercial Tranche and 80% from the K-Sure tranche, the company added.
