RUS

Sovcomflot set to refinance tanker twins

Print

TradeWinds

Russian owner signs MOU with Sberbank for $180m loan covering a pair of shuttle tankers

Sovcomflot is close to refinancing debt on two panamax shuttle tankers after signing a memorandum of understanding with Sberbank.

A new $180m credit facility with the Russian bank will run for 15 years, the shipowner announced today.

Should the MOU be firmed up the loan will cover the 70,000-dwt Mikhail Ulyanov and Kirill Lavrov (both built 2010), which are under long term contract for the Prirazlomnoye project in the Pechora Sea.

The loan marks the second transaction between Sovcomflot and Sberbank, which last year became the first Russian bank to provide a loan for the owner’s tankers after signing a $340m cheque to fund three vessels.

Sergey Frank, chief executive of Sovcomflot, said in a statement: “Today, Sovcomflot and Sberbank are taking another step forward and declaring their readiness to implement new large-scale projects with high added value.”

Last week Sovcomflot reported a third quarter net profit of $52.1m , down from $81.6m at the same stage a year ago.

Herman Gref, pesident and chairman of Sberbank said: “Investment in large-scale projects involving the creation of a modern infrastructure and the development of industrial potential of the country is traditionally one of Sberbank’s priorities.”