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Navig8 Product Tankers secures $66m loan to finance new ships

Navig8 Product Tankers secures $66m loan to finance new ships
Navig8 Product Tankers has secured a $66m senior credit facility from ABN Amro Bank Singapore branch for the post-delivery financing of two 74,000-dwt LR1 product tankers.

The product tankers are currently under construction at South Korea's SPP Shipbuilding.

The $66m credit facility has two separate tranches – a $13.2m commercial tranche and a $52.8m tranche insured by Korea Trade Insurance Corporation.

The credit facility provides financing of approximately 65% of the contract price of the new ships.

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