Sole Shipping Agrees Loan to Finance VLCC Duo

Investment firm Sole Shipping Group has secured a loan to finance two very large crude carriers (VLCCs), according to UK-based law firm Watson Farley & Williams.

The USD 91 million term loan facility went to a subsidiary of Sole Shipping Group. The loan would be used to finance the vessel duo and exhaust gas cleaning systems.

WFW informed that the ships will be bareboat chartered to Hong Kong-based Landbridge group, with the leases arranged by Pareto Securities.

The lenders were Crédit Agricole Corporate and Investment Bank and BNP Paribas.

Madeline Leong, WFW Hong Kong Maritime Partner and Office Head, said that the transaction represents “a trend towards more structured financings involving new players in the Asian maritime markets such as investment firms.”