Tsakos Energy Navigation (TEN) has secured a $245m term loan facility from ABN Amro Bank and ING Bank.
The New York-listed shipowner will use the funds to finance a fleet of new tankers.
In June, TEN announced it had ordered five LR1 newbuildings.
TradeWinds has reported that brokers believe the tankers will cost about $55m each.
The scrubber-fitted panamaxes will be delivered between the second quarter of 2027 and the third quarter of 2028 from China’s Yangzijiang Shipbuilding and New Times Shipbuilding.
“It is a side of the business in which very few people” sign orders, TEN chief executive Nikolas Tsakos said then.
The deal increased the number of newbuildings the company has under construction to a dozen: three DP2 shuttle tankers, two scrubber-fitted suezmaxes, two scrubber-fitted MRs and the LR1s it has just unveiled.
Law firm Watson Farley & Williams (WFW) advised ABN and ING.
WFW’s Athens Assets & Structured Finance team was led by partner and Athens office head Alexia Hatzimichalis, supported by senior associate Pavlos Maris and associate Vassia Angeletaki.
Hatzimichalis said: “This was a noteworthy transaction whose size highlights the ongoing commitment of major continental European banks to supporting the maritime industry.
“We wish to thank all parties involved for the seamless cooperation which enabled the deal to close so smoothly.”
