Vista Shipping, a joint venture between BW Group-backed Hafnia and CSSC (Hong Kong) Shipping, has secured funding for four LR1 newbuildings.
A term loan of $111m has been secured from a banking consortium consisting of KfW IPEX-Bank, Societe Generale and OCBC Singapore.
Each bank has taken a 33% stake in the loan. KfW IPEX-Bank acted as facility agent, Sinosure agent and security agent.
The 12-year post-delivery financing is secured by first-ranking ship mortgages over the vessels as well as joint and several guarantees from Hafnia and CSSC (Hong Kong) Shipping.
The operations of the new joint venture will be managed by Hafnia’s LR1 Pool based in Singapore.
The product tankers are being built at China’s Guangzhou Shipyard International Co with two of the ships – the 74,999-dwt Hafnia Guangzhou and the Hafnia Hong Kong – already delivered.
KfW IPEX-Bank said the European content of German and European suppliers, amounting to about $30m, consists of MAN main engines, electronic equipment and high-capacity pumping systems.
