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Banks issue new large-scale loans to tanker carriers

Two of the world's biggest players in crude oil, Frontline and Nordic American Tankers, have landed new major agreements with bank syndicates to refinance loans with improved terms. Frontline can reduce its daily TCE break even in 2016 by USD 1,400.

Two of the world's biggest crude oil carriers, both with Norwegian roots but with fleets registered in Bermuda, have secured new deals with bank syndicates to refinance previous loans.

On the one hand, subsidiaries of the John Fredriksen dominated Frontline have entered into a new credit facility for half a billion dollars with a syndicate headed by DNB. The participating banks are DNB Bank ASA, Nordea Bank Norge ASA, ABN AMRO Bank NV, ING Bank NV, Skandinaviske Enskilda Banken AB (publ) (SEB), Danske Bank A/S and Credit Suisse.

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