Vista Shipping to Finance Product Tankers

Maritime Activity Reports, Inc.

August 21, 2019

Image: KfW IPEX-Bank

Image: KfW IPEX-Bank

Hafnia Tankers, a member of BW Group, and shipyard-affiliated leasing company CSSC (Hong Kong) Shipping have formed a joint venture named Vista Shipping to finance and operate product tankers.

A term loan facility of USD 111 million is intended to be used to finance four LR1 newbuildings. A banking consortium consisting of KfW IPEX-Bank, Societe Generale Hong Kong Branch and OCBC Singapore participate with 33% each as lenders at the term loan facility and have reached financial close.

KfW IPEX-Bank acts as Facility Agent, Sinosure Agent and Security Agent. The 12-year post-delivery financing profits from Sinosure cover and 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 in Singapore, said KfW IPEX-Bank.

The product tankers are being built at Guangzhou Shipyard International Co., Ltd. PRC.

The European content of German and European suppliers, amounting to approx. USD 30 million, consists of highly efficient MAN main engines, electronic equipment and high-capacity pumping systems.

Maritime Reporter Magazine Cover Nov 2019 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News