Overseas Shipholding Group (OSG) has secured a nearly $50m loan for its new ATB.
The New York-listed, Tampa-based Jones Act tanker outfit announced after the close of markets on Tuesday that it had closed on the seven-year, $49.1m loan, financing the construction of the 204,00-bbl OSG 205 and refinancing the 12,480-bhp OSG Courageous (built 2011).
The loan provider was not named.
The OSG Courageous and the OSG 205, under construction at Greenbriar Marine, will be joined as the company's second ATB.
"We are very pleased to have completed the financing of the OSG 205 and the tug OSG Courageous, and particularly for the incredibly smooth and efficient execution of the transaction during a continued period of market volatility," OSG chief financial officer Dick Trueblood said.
Through the end of the third quarter, OSG said it had invested $45.9m in the OSG 205.
Chief executive Sam Norton said the deal was an "important milestone" for the new vessel.
"All complex projects require the contribution of multiple partners to achieve success, and we are pleased to have teamed up with our financing partner and Greenbriar in providing the necessary resources to bring this project to fruition," Norton said.
"With delivery of the barge imminent, we look forward to commencing service under a one-year time charter early next month and to continuing our focus on providing safe, reliable and environmentally responsible transportation services to our customers.”
Fleet growth helped narrow OSG's loss for the quarter ending 30 September, with the company reporting a small $700,000 loss despite 193 revenue days lost due to dry-dockings.
Over the last year, the company added two Marshall Islands-flagged tankers and a trio of US-flagged ships previously owned by Alaska Tanker Co.
