World News
Sovcomflot Wins 'Poseidon-Compliant' Funding for Sakhalin Tankers
Russian shipping company Sovcomflot has raised $110 million in Poseidon Principles-aligned financing for two new shuttle tanker orders.
The ten-year credit facility, from ING Bank, SMBC Bank EU and UniCredit Bank, will be used to finance two new shuttle tankers being delivered in the first quarter of next year to serve the Sakhalin-1 oil and gas development in Russia, the company said in an emailed statement.
The vessels will have CO2 emissions at least 10% lower than the company's previous generation of shuttle tankers.
"We are grateful to our long-standing financial partners for their continued support of SCF's business," Nikolay Kolesnikov, chief financial officer of Sovcomflot, said in the statement.
"We are also pleased that this financing reflected the Poseidon Principles, an initiative by the banking community allowing control of GHG emissions of their shipping portfolios and aimed at decarbonisation of the shipping industry."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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