Grieg Star completes 23-vessel refinancing

Grieg Star completes 23-vessel refinancing

Bergen-based Grieg Star, part of the Grieg Group, has finished its $400m refinancing of 23 vessels in its 45-bulk carrier fleet.

The senior debt refinancing involved extended maturities for the financing of the 23 vessels with DNB, Nordea, SR-Bank, ABN AMRO and Credit Suisse, the company said.

Loans with original expiry set for 2017/2018 were extended by five or more years with their new expiry being 2021 or beyond.

The refinancing also includes a cash release of over $50m, which Grieg Star said it plans to use to strengthen its liquidity and cash reserves.

“This refinancing reflects our strong bank relationships and the importance of having capital sources available in a challenging market like what we see today,” Camilla Grieg (pictured), CEO of Grieg Star, said in a release.

Thirty-one of Grieg Star’s 45 open-hatch and dry bulk vessels are on the company’s balance sheet.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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