L.G.R. di Navigazione Secures Refinancing Deal

  • Business & Finance

Naples-based shipping company L.G.R. di Navigazione has reached an agreement for a USD 28.8 million loan facility, secured by mortgages over two of its medium range ice class tankers.

The financing, which was agreed with Italian bank Banca Popolare di Milano S.p.A., is secured by, inter alia, mortgages over the company’s vessels Cenito and Posillipo, according to the international law firm Watson Farley & Williams (WFW), which acted as adviser to the bank.

It is understood that the loan facility would be used for refinancing purposes. The parties did not unveil any further details of the agreement.

L.G.R. di Navigazione earlier operated a fleet comprising two more chemical tankers, namely the Nisida and Miseno. In April 2017, the ships were sold en bloc to Danish shipping firm Navigare Capital for a price of USD 24 million each, data provided by VesselsValue shows.

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