Correction: Latvian Shipping Company Extends Tanker Loan

Latvian Shipping Company (LSC) has reached the agreement to extend its loan facility on Medium Range tankers Latgale and Zemgale for a further period of two years.

The deal, reached with Crédit Agricole Corporate and Investment Bank, covers the amount of USD 33.2 million.

“An extension of the existing bareboat charters was a mandatory pre-condition of the lending bank in order to provide sufficient security and stable cash flow for the loan facility,” the Chairman of the LSC Management Board, Robert Kirkup, said.

The vessels Latgale and Zemgale, used for transportation of oil and chemical products, were built and acquired in 2011 from Korean shipbuilder Hyundai Mipo Dockyard Co., Ltd.

NOTE: The original article was amended at 2:45 PM, June 23. Due to an editorial error, the original article stated that the Lithuanian Shipping Company, and not the Latvian Shipping Company extended the loan.