Odfjell SE Refinances Vessels

Norwegian shipping and tank terminal company Odfjell SE has secured loan financing with several lenders worth a total of USD 190.5 million.

The first loan has been entered into with DNB Bank ASA, Danske Bank AS, DVB Bank America N.V and Swedbank AB for refinancing of existing loans for three chemical tankers.

The vessels in question are the 2006-built Bow Sea, the 2003-built Bow Sun and the 2005-built Bow Summer.

DNB Bank ASA is acting as the agent bank and the total loan is USD 112 million. The loan has a 5-year term with 10-year profile.

Odfjell Asia II Pte Ltd, indirectly fully owned by Odfjell SE, has entered into a term loan facility agreement with Nordea Bank Norge for refinancing of existing loans on the chemical tankers Bow Dalian, Bow Fuling, Bow Nangang and Bow Star. The total loan is worth USD 78.5 million and has a 5-year term with 13-year profile.

“This means that we have completed all scheduled vessel refinancing in 2015. The refinancing will give Odfjell SE USD 43.8 million in added liquidity,” the company said.

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