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Philly Shipyard secures $150m financing for product tanker quartet
Philly Shipyard, formerly Aker Philadelphia Shipyard, has secured a $150m loan facility from Caterpillar Financial Services Corporation to finance the construction of four 50,000 dwt product tankers.
The vessels are contracted for Philly Tankers, who sold the vessels to a subsidiary of energy company Kinder Morgan in August for $568m.
Philly Shipyard said the facility will be subject to a maximum borrowing amount of $75m per vessel and secured by a first lien on the four vessels. Definitive agreements for the facility are expected to be signed early next year.