Sovcomflot raises millions of USD in Europe for new vessels

Major Russian state-owned carrier Sovcomflot has secured a 10-year credit facility and USD 319 million from European banks. The funds will be spent on two LNG newbuildings for Arctic sailing. The carrier also plans a New York IPO.

Russian state-owned carrier Sovcomflot is looking to transport LNG from the Arctic, and in order to afford this the carrier has now secured loans for USD 319 million over a 10-year period from a series of European banks, with ING serving as facilitator, says Sovcomflot in a statement.

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