Croatian shipowner Tankerska Next Generation (TNG) has completed its fleet refinancing in a $35.5m deal with Dutch lender ABN Amro.
The Zagreb-listed MR tanker specialist has now renewed loans falling due this year and in 2022 for all six of its ships.
The ABN Amro deal matures over five years.
The majority of the funds will be used for the early repayment of the existing loan facility with the same bank. This was set to expire in January 2022.
The previous loan partly financed the 52,500-dwt Velebit and 51,800-dwt Vinjerac (both built 2011), and the purchase of the 50,000-dwt Pag as a newbuilding in 2015.
The remaining cash from the new tranche will be invested in the tankers to maintain their high level of competitiveness, the company said.
Financial reputation demonstrated
"The signing of this financial arrangement confirms the company’s recognised position in the international banking market," TNG said.
The deal also provides "continuous cooperation with a prominent international creditor who has placed its trust with the company and recognised it as a reliable and long-term partner", the shipowner added.
The transaction is part of the company's strategy of maintaining financial stability and liquidity.
Trio refinanced in December
The deal follows a $44m refinancing for the three other tankers with Credit Agricole and Hamburg Commercial Bank at the end of 2020.
TNG said it has now secured "competitive refinancing" over the next five years.
The owner's latest financial report revealed a big impairment hit in 2020 as MR markets were battered by Covid-19 demand falls.
