Latvian Shipping Company extends tanker loans

Latvian Shipping Company extends tanker loans

Latvian Shipping Company has extended the tenor of its $33.2m loan with Crédit Agricole Corporate and Investment Bank by a further two years.

The loan finances LSC’s MR product tankers Latgale (51,400 dwt, built 2011) and Zemgale (51,400 dwt, built 2011).

“An extension of the existing bareboat charters was a mandatory pre-condition of the lending bank in order to provide sufficient security and stable cash flow for the loan facility,” Robert Kirkup, chairman of LSC’s board, said today in a release.

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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