Latvian Shipping Company completes $121m refinancing

Latvian Shipping Company completes $121m refinancing

Latvian tanker operator Latvian Shipping Company has completed a $121m refinancing with a syndicate of three banks.

The company reached an agreement at the end of 2016 with HSH Nordbank, DVB Bank, and Skandinaviska Enskilda Banken AB (Stockholm) on the refinancing a $360m loan facility maturing June 2017. The outstanding balance for the refinancing was $121m.

The new loan has repaid the previous loan and has been issued with a repayment deadline of June 30, 2022.

“We are delighted to have completed the refinancing of 14 vessels in our fleet of 16 handy and medium sized tankers.  This new loan facility enables the company to plan ahead whilst managing our cash flow in a challenging market,” said Robert Kirkup, Latvian Shipping Company’s chairman of the board.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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