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Gener8 lands billion dollar loans for Korean newbuildings

The New York Stock Exchange had a somewhat lukewarm reaction to the IPO of tanker carrier Gener8 Maritime this summer. Now the carrier has secured credit facilities for a total USD 1.5 billion. A milestone for the new tanker player, says chairman Peter Georgiopoulos.

Photo: Navig8

Tanker carrier Gener8 Maritime has secured two new credit facilities for its VLCC newbuildings currently under construction in Korea. One credit facility totals upwards of USD 963.7 million and will be used for the newbuildings, while the other facility, from Nordea Bank Finland, is worth USD 581 million and will be spent on refinancing the current fleet, informs the carrier.

"These agreements represent a key strategic milestone for our company as these financing commitments are expected to complete the funding for our 15 Korean ECO VLCC newbuildings, with no expected need to raise additional debt or equity as we take delivery of these newbuildings," says chairman Peter Georgiopoulos in a statement.

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