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Volgotanker wins $120m Austrian river-sea lifeline.
(From Lloyds List)
Byline: Bank financing will help tanker operator reduce its dependence on former parent and renew fleet, writes Hugh O'Mahony
VOLGOTANKER has secured the largest amount of financing ever to be obtained by a Russian shipowner from foreign sources, in an arrangement allowing the river-sea tanker operator to scale down its dependence on former parent Yukos.
Austria's Raiffeisen Zentralbank Osterreich has made available credits worth $120m, repayable over three years, setting an annual interest rate of 9.25%.
The money will be used in part to pay off company debt, but some of it will also fund fleet renovation.
Volgotanker said the terms were 'very good for the Russian market and for a Russian company operating Russian-flagged vessels'.
Andrey Kleymenov, Volgotanker vice-president, said: 'We consider this very important for the whole Russian shipping industry and economy.' He said that short-term debts would account for $80m of the funds extended.
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