Aker Philadelphia Shipyard completes product tanker financing for Crowley jv

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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