New Loan for Aker-Crowley Tanker JV

New Loan for Aker-Crowley Tanker JV

Oslo-listed Aker Philadelphia Shipyard ASA (AKPS) has, through its wholly-owned U.S. subsidiary Aker Philadelphia Shipyard, Inc. (APSI), executed definitive documentation with PIDC Regional Center for a loan of up to USD 60 million to finance its joint venture tanker deal with Crowley Maritime. 

The loan is secured by a lien on the company’s interests in Hulls 021-024, which are the four 50,000 dwt product tankers to be included in the AKPS-Crowley joint venture.

The shipbuilder had previously secured a USD 120 million construction loan facility from Caterpillar Financial Services Corporation, as well as a commitment for a USD 325 million loan facility for post-delivery financing of the four product tankers.

APSI and Crowley signed the agreement to form the joint venture back in November 2013, which included binding shipbuilding contracts for the first four product tankers signed in August 2013, and options to build additional vessels.

Back in December, APSI laid keel for the second, and began the construction of the fourth tanker in the series.

Share this article

Follow World Maritime News

In Depth>


<< Jul 2019 >>
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 >