rss icon Subscribe
desktop mobile

Sberbank, Sovcomflot Sign $106m Finance Deal

Ice-breaking LNG carrier Christophe de Margerie. Photo: PAO Sovcomflot

By Aiswarya Lakshmi

The largest bank in Russia Sberbank and shipping company Sovcomflot have signed a new USD 106 million project financing agreement, with a term of up to 14 years.

The funds will finance the construction of a high ice class Arctic shuttle tanker (Arc7) for the Novy Port project, under a long-term agreement with Gazprom Neft.
This is the third major transaction of its kind between Sberbank and Sovcomflot. The first joint project between the companies was in 2015, to finance the construction of three Arctic shuttle tankers to transport crude oil from the Novy Port field.
That agreement set an important precedent for Russian domestic credit institutions, and was named "Deal of the Year" by the international publication Marine Money.
Nikolay Kolesnikov, Executive Vice President and CFO of PAO Sovcomflot, noted: "We welcome the continuing development of our strategic partnership with Russia's leading banking group. Today, Sberbank is among the largest financial partners of Sovcomflot, which reflects the growing role of the Russian banking sector as a source of finance to the shipping industry. This financing agreement will enhance the Group's long-term liquidity position, and will enable us to meet the capital requirements of our current shipbuilding programme."
Igor Bulantsev, Senior Vice President of Sberbank, Head of Sberbank CIB, said: "We are delighted that the mutually beneficial cooperation between Sovcomflot Group and PAO Sberbank is growing consistently, across a broad range of banking services.
Investment in significant projects that fund the development of a modern infrastructure continues to be a priority for the Bank. We are positive about the prospects for lending to the shipbuilding industry and look forward to the continuation and further development of the relationship between our companies."

Feb 12, 2018

 

Arctic Operations

USCG Medevacs Fisherman NE of Cold Bay, Alaska

Coast Guard Air Station Kodiak MH-60 Jayhawk helicopter crew medevaced a 44-year-old man

A Coast Guard Air Station Kodiak MH-60 Jayhawk helicopter crew medevaced a 44-year-old man from

WFN: Cable Route Survey Support for Kativik

Photo: WFN Strategies

WFN Strategies has been awarded a contract by Kativik Regional Government, a supramunicipal body

US Icebreaker Suffers Flooding, Engine Failure in Antarctic

Coast Guard Cutter Polar Star breaks ice in McMurdo Sound near Antarctica (U.S. Coast Guard photo by Nick Ameen)

America’s aging, sole remaining heavy icebreaker suffered several engineering challenges

Contracts

Port Spat Delays Russian Black Sea Product Exports

Shipments of oil products from a Russian Black Sea outlet have been disrupted since early February due to a row over the port's control, four industry sources told Reuters on

Global Ship Lease Extends Charter with OOCL

OOCL Qingdao. Photo: OOCL

Global Ship Lease, a containership charter owner, today announced that it has agreed to an

Wärtsilä Inks 25 Maintenance Deal with Maersk Drilling

(Photo: Wärtsilä)

Wärtsilä said it has entered a cooperation with drilling contractor Maersk Drilling to create a

Maritime Apps