Hafnia Tankers signed a $360 million credit facility with ABN AMRO Bank, Danish Ship Finance, Danske Bank A/S and ING Bank acting as joint bookrunners and mandated lead arrangers. BNP Paribas, Nordea Bank Norge ASA, Skandinaviska Enskilda Banken AB and Swedbank AB are acting as mandated lead arrangers. Nordea is acting as facility agent.

This facility refinances an existing $340.6 million credit facility and gives it significant savings on the interest cost as well as releases cash to the company.

The credit facility is comprised of a $124.0 million term loan facility, a $100 million revolving credit facility and a $136 million delayed draw term loan facility.

The credit facility will mature in March 2023 and is priced at LIBOR plus a margin of 225 bps. The credit facility will refinance 12 MR product tankers, provide post-delivery financing for six MR newbuilds to be delivered from CSSC OME this and next year and provide $40 million for general corporate purposes. The credit facility is secured by a first priority mortgage on these vessels.

“We are extremely pleased to have received support from this group of quality financiers including establishing new relationships with BnP Paribas and Danish Ship Finance. With this facility we have lowered our financing costs and hence lowered our cash flow break-even,” said Mikael Skov, CEO of Hafnia Tankers.

Hafnia Tankers is a shipping company formed by the current shareholders and management team of former Tankers Inc. and BTS, a collaboration between Blackstone, Tufton Oceanic and Hartmann.