Aker Philadelphia Shipyard completes product tanker financing for Crowley jv

Oslo: Aker Philadelphia Shipyard has finalised a secured term loan of up to $60m from PIDC Regional Centre, an investment partnership established by Philadelphia’s public-private economic development corporation (PIDC) and CanAm Enterprises.

The loan is for up to five years, at an interest rated fixed at 2.75%, and will be secured against the yard’s interest in four Jones Act product tankers it is building in a jv with Crowley.

The Aker Philadelphia Shipyard and Crowley jv closed a $325m loan facility last week on the $500m deal, in addition to $120m secured with Caterpillar Financial Services last March.

The 50,000 dwt product tankers are based on Hyundai Mipo Dockyards design and constructed with consideration for the use of LNG propulsion.