Odfjell gets $190.5m in loans to refinance tankers

Odfjell gets $190.5m in loans to refinance tankers

Odfjell SE has secured two loans worth a combined $190.5m it will use to refinance seven tankers in the group’s fleet and in that of its Singapore-based subsidiary.

DNB Bank, Danske Bank, DVB Bank America and Swedbank have agreed to provide Odfjell SE with a $112m term loan, which has a five-year term and a ten-year profile.

The existing debt on the vessels Bow Sea (40,000 dwt, built 2006), Bow Sun (40,000 dwt, built 2003) and Bow Summer (49,600 dwt, built 2005) will be refinanced using the loan.

The Norwegian group’s subsidiary Odfjell Asia II has agreed a $78.5m term loan facility agreement with Nordea Bank Norge.

The cash will be used to refinance its small chemical tankers Bow Dalian (9,100 dwt, built 2012); Bow Fuling (9,100 dwt, built 2012), Bow Nangang (9,200 dwt, built 2013) and the handysize parcel tanker Bow Star (40,000 dwt, built 2004). The loan has a five-year term with a 13-year profile.

“This means that we have completed all scheduled vessel refinancing in 2015. The refinancing will give Odfjell SE $43.8m in added liquidity,” the group said in a statement today.

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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