Aker Philadelphia Secures Cash for Four Product Tankers

 Aker Philadelphia Shipyard, Inc. (APSI) has entered into a loan agreement with Caterpillar Financial Services Corporation (Cat Financial) for a USD 120 million loan facility for construction financing on the four product tankers under contract with Crowley Maritime Corporation (Crowley).

The loan will be subject to a maximum borrowing amount of USD 58-60 million per vessel and will be secured by a first lien on Hulls 021-024. The loan will accrue interest at three-month Libor plus 3.0% as defined in the loan agreement.

The commitment letter for this loan was originally disclosed in AKPS’s third quarter 2013 financial report. APSI currently has under construction two 115,000 dwt crude oil carriers for SeaRiver Maritime, Inc., ExxonMobil Corporation’s U.S. marine affiliate, and one 50,000 dwt product tanker for the joint venture with Crowley.

APSI also has firm contracts for the construction of three additional 50,000 dwt product tankers for the joint venture with Crowley and contracts for two 3,600 teu containerships with Matson Navigation Company, Inc.

Press Release, March 7, 2014

Share this article

Follow World Maritime News

Posted on March 7, 2014

In Depth>

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >