Maersk Tankers has created a new $150m uncommitted credit facility with Citi to strengthen its pools’ working capital and improve cash flow for pool partners.
“Tanker markets are currently experiencing volatile and high freight levels, at the same time as fuel prices are surging. This can put a strain on a tanker owner’s working capital,” said Morten Mosegaard Christensen, CFO at Maersk Tankers.
Shipowners who are not part of a pool are paid after completing a voyage, while having to pay their vendors on an ongoing basis. This can be financially challenging. As part of Maersk Tankers’ pools, owners receive a stable and transparent cash flow, as the company pays earnings to partners every two weeks on the basis of what has been booked in freight and demurrage.
“We are pleased that, together with Citi, we have created a solution, which will allow us to continue to guarantee the cash flow to our pool partners at a time where we are paying out increased TCE earnings,” said Mosegaard.
