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Sovcomflot secures $252m in finance for LNG-powered aframax tankers

Russian shipowner PAO Sovcomflot (SCF Group) has secured $252m in financing for six LNG-fuelled aframax newbuildings currently under construction.

SCF Group has secured a $252m, seven-year credit facility with a consortium of six banks - ABN AMRO Bank; BNP Paribas; Citibank; ING Bank; KfW IPEX-Bank, and Société Générale.

The funds will be used towards the financing of six aframax tankers designed to be primarily LNG powered due for delivery between Q3 this year and Q2 2019. The 114,000 dwt tankers will be ice class 1A and chartered to Shell for 10 years and the oil company will also provide LNG for the vessels across North Europe and the Baltic.

“This new loan agreement clearly demonstrates the confidence of international partners in SCF Group despite the current challenges faced by the global economy and the shipping market,” said Nikolay Kolesnikov, senior executive vice-president, cfo of SCF Group.

SCF Group is one of the first large tanker owners to take the plunge on LNG as a fuel along AET which is order dual-fuel LNG powered aframax vessels.

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