Philly Shipyard secures $150m financing for product tanker quartet

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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