Navig8 gets $66m loan for new product tankers

Navig8 gets $66m loan for new product tankers

Navig8 Product Tankers has agreed a $66m senior secured credit facility with ABN AMRO Bank in Singapore for post-delivery financing for two of its LR1 product tanker newbuildings.

The facility itself will come in two separate tranches and is equivalent to around 65% of the contract price of the four 74,000-dwt LR1s being built for Navig8 at SPP Shipbuilding in South Korea.

A tranche of $52.8m has been insured by Korea Trade Insurance Corporation, which sits alongside a commercial tranche of $13.2m, the Oslo-listed shipowner said.

Each drawdown from the loan will be drawn 20% from the Commercial Tranche and 80% from the K-Sure tranche, the company added.

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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