EuropeFinance and InsuranceTankers

Scorpio Tankers seals new $172m credit facility

Monaco-headquartered Scorpio Tankers has received commitments for a loan facility of up to $172 million to finance up to 60% of the market value of eight MR product tankers under construction at Hyundai Mipo Dockyard in South Korea.

The loan facility, from a group of financial institutions including Macquarie Bank, DekaBank Deutsche Girozentrale, The Export-Import Bank of Korea (KEXIM) and Garanti-Instituttet for Eksportkreditt (GIEK), is made up of multiple tranches with the maturity date of each tranche between six and 12 years from the drawdown date. The interest rate is LIBOR plus a blended margin of 2.02% per annum.

The eight vessels are scheduled for delivery in 2017 and 2018.

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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