Aker-Crowley Tanker JV Gets Financial Boost

zoom Aker Philadelphia Shipyard (AKPS) and the US shipping company Crowley Maritime Corp have secured a USD 325 loan facility for their joint venture related to the operation and chartering of at least four product tankers, the Oslo-listed shipbuilder said in an announcement. The joint venture has received a firm and fully underwritten commitment from a group of banks and other financial institutions for a senior secured term loan facility to be used for post-delivery financing of the four 50,000 dwt product tankers (Hulls 021-024). Aker Philadelphia Shipyard, Inc. (APSI) and Crowley signed the agreement to form the joint venture back in November 2013, which included binding shipbuilding contracts for the first four product tankers signed in August 2013, and options to build additional vessels. Back in December, APSI laid keel for the second, and began the construction of the fourth tanker in the series.