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Scorpio Tankers lines up loans for LR2 newbuildings

Scorpio Tankers lines up loans for LR2 newbuildings
Scorpio Tankers has lined-up two loan facilities worth a total of $113.1m to partially finance four LR product tanker newbuildings.

The US-listed tanker owner has received commitments from two undisclosed European financial institutions for a $52m and $61.2m loan facility. The $52m loan will be used to partially finance two LR2 newbuildings under construction at Daehan Shipbuilding Co, while the $61.2m loan will partially fund two LR2 newbuildings being built at Sungdong Shipbuilding & Marine Engineering.

The loans are subject to execution of documentation and the vessels are due to be delivered between Q1 and Q3 2016.