Around 80% of the loan will be used to finance the two 2010-built secondhand VLCCs, ‘Blue Topaz’ and ‘Blue Pearl’, purchased by Bahri in October last year.
The purchase price was $157 mill en bloc and the VLCCs were delivered to Bahri in the first quarter of this year.
The funding will mature in 10 years and will be paid in equal quarterly instalments, Bahri said.
At the end of May, Bahri took delivery of the ‘STI Powai’, the last of five MRs bought in February this year from Scorpio for $166.5mill en bloc. The tanker was renamed ‘NCC Bader’.