New Loan for Aker-Crowley Tanker JV

Oslo-listed Aker Philadelphia Shipyard ASA (AKPS) has, through its wholly-owned U.S. subsidiary Aker Philadelphia Shipyard, Inc. (APSI), executed definitive documentation with PIDC Regional Center for a loan of up to USD 60 million to finance its joint venture tanker deal with Crowley Maritime. 

The loan is secured by a lien on the company’s interests in Hulls 021-024, which are the four 50,000 dwt product tankers to be included in the AKPS-Crowley joint venture.

The shipbuilder had previously secured a USD 120 million construction loan facility from Caterpillar Financial Services Corporation, as well as a commitment for a USD 325 million loan facility for post-delivery financing of the four product tankers.

APSI and Crowley signed the agreement to form the joint venture back in November 2013, which included binding shipbuilding contracts for the first four product tankers signed in August 2013, and options to build additional vessels.

Back in December, APSI laid keel for the second, and began the construction of the fourth tanker in the series.