rss icon Subscribe
desktop mobile

TOP Ships Gets Loan for a Tanker

Pic: TOP Ships

Shailaja A. Lakshmi

Top Ships, a provider of oil, petroleum products and chemicals transportation services, has concluded a financing agreement with an undisclosed Chinese financier to refinance one of its MR2 tankers.

The Greek tanker owner and operator said in a press release that the gross proceeds from the new financing amount to $25.6m and will be used mainly to refinance the facility of M/T Stena Weco Excellence with Nord LB.

The tenor of the new facility is 10 years, it added.

The company also announced that it intends to enter into 2 additional Financing Agreements with the same financier at similar terms, in order to exercise its purchase options for the M/Ts Stena Weco Energy and Stena Weco Evolution. These acquisitions are expected to be concluded during the fourth quarter of 2019.

Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: "We are very pleased to have concluded this financing with a very high quality financier and look forward to concluding the two additional financing. These new financing will lead to a lower cost of debt for the 3 vessels overall."

Jul 17, 2019

 

Ship Sales

Diamond S Shipping Sells Two Vessels

Pic: Diamond S Shipping

Connecticut-headquartered Diamond S Shipping Group Inc. (DSG) announced that it has agreed to sell

GIS Sells MR Product Tanker Vessel

Pic: d’Amico International Shipping

Glenda International Shipping (GIS) signed a memorandum of agreement for the sale of MT Glenda

TORM Takes Delivery of 2 MR Newbuildings

File Pic: TORM

TORM, a Denmark-based shipping company that owns and operates product tankers, announced that it

Finance

Contrecoeur Port Expansion Deal Signed

Pic: Port of Montreal

The Canada Infrastructure Bank (CIB) announced that it will work with the Montreal Port Authority

MODEC Raises $1bln Bond for FPSO Project

PSO Cidade de Mangaratiba MV24. Image: MODEC

Japanese FPSO provider MODEC has decided to issue project bonds to international investors to

Maersk Q2 Beats Expectations Amid Trade War

Pic: Maersk

The world's biggest container shipping company AP Moller-Maersk delivers a 17% increase in

Maritime Apps