Standard Chartered closes $109m loan for Leopard Tankers

The facility will fund the pre- and post-delivery of the tankers, which are currently under construction in SPP Shipbuilding in South Korea.

Singapore-based Leopard Tankers, an equal joint venture between Vitol Group and Grindrod Group, will take delivery of the ships in mid-2013. The ships will be commercially operated within the Vitol Group and technically managed by Grindrod Shipping.

As sole lender in this transaction, Standard Chartered's loan facility to Leopard Tankers will provide liquidity and support for the start of the company's business operations amidst the continuing volatility in the shipping market.

“This transaction demonstrates our commitment to our clients who are involved with shipping, an industry which Standard Chartered, with our footprint in growth markets across Asia, Africa and the Middle East, is well positioned to support,” said Nigel Anton, global head, shipping finance, Standard Chartered Bank.