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.

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Press Release, March 7, 2014