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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.

Lee Hong Liang, Asia Correspondent

July 20, 2016

1 Min Read

Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

See more from Lee Hong Liang

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