2016 June 23 13:15

JSC “Latvian Shipping Company” reaches agreement on extension of the loan facility for two tankers

JSC “Latvian Shipping Company” (LSC) has reached the agreement with “Crédit Agricole Corporate and Investment Bank” on the extension of the Medium Range tankers Latgale and Zemgale loan facility for a further period of two years in the amount of 33.2 million USD.

The Chairman of the LSC Management Board Robert Kirkup says: “We are pleased to have been able to reach an agreement with the bank on continued cooperation. An extension of the existing bareboat charters was a mandatory pre-condition of the lending bank in order to provide sufficient security and stable cash flow for the loan facility.”

Latgale and Zemgale were built and acquired in 2011 from Korean shipbuilder “Hyundai Mipo Dockyard Co., Ltd.” and are used  for the safe transportation of oil and chemical products throughout the world including ice regions being designated a suitable tanker to trade in ice.