Sovcomflot bags funds for LNG-powered Aframax tankers

Russia’s largest shipping company Sovcomflot secured $252 million for its series of liquefied natural gas (LNG)-powered Aframax tankers. 

The 7-year credit facility has been agreed with a consortium of six international banks including ABN Amro Bank, BNP Paribas, Citibank, ING Bank, KfW IPEX-Bank and Société Générale.

Sovcomflot added in its statement that the vessels are scheduled for delivery from the third quarter of 2018 through to the second quarter of 2019.

Each 114,000-deadweight tanker will have an ice class 1A hull, enabling safe year-round export operations from regions with challenging ice conditions, such as the Baltic.

Two vessels will work exclusively for Shell under time-charters for up to ten years, while Shell will also provide LNG fuel for all the six tankers in the series across North West Europe and the Baltic, Sovcomflot reminds.