Sovcomflot Receives Financing For 6 LNG Power Tankers

- Apr 11, 2018-

Russian shipping company Sovcomflot (SCF Group) announced that it has signed a $252 million credit facility to finance six Aframax tankers under construction.


The company said that the 114,000 dwt Aframax-type oil tanker, which was financed, was designed with 1A ice-grade LNG power and was able to perform full-year export operations in the ice area (such as the Baltic Sea). It is expected to be in the third quarter of 2018. Delivery in the second quarter of 2109. The credit financing was for a period of seven years and was provided by the six banking consortiums of ABN AMRO Bank, BNP Paribas, Citibank, ING Bank, KfW IPEX Bank and Societe Generale France.welding overlay


It is reported that two of the six vessels under construction have been granted a 10-year long-term lease agreement by Shell. At the same time, Shell will also provide LNG fuel for all six Aframax-type oil tankers sailing in northwest Europe and the Baltic Sea.


SCF stated that credit financing benefits from good long-term investment and competitive pricing, reflecting the robustness of the transaction structure and the company's ability to finance internationally under all market conditions.pipe fittings


Nikolay Kolesnikov, senior executive vice president and chief financial officer of SCF Group, said that this is the second successful debt financing completed by the SCF Group in 2018. Through this financing, the company can fully meet the financing needs of the 2018-2019 new construction plan. slip on flange


According to SCF, these ships have adopted clean LNG as the main fuel for Aframax tankers, setting new environmental standards for the global tanker industry.