The Company will utilize the majority of funds for the early repayment of the existing loan facility of the same creditor maturing in January 2022.

Tankerska Next Generation has signed a long-term loan facility agreement in an aggregate amount of USD 35.3m. The loan agreement was concluded with the current creditor ABN AMRO Bank N.V. for a loan tenor of 5 years. The Company will utilize the majority of funds for the early repayment of the existing loan facility of the same creditor maturing in January 2022, which partly financed vessles: Velebit, Vinjerac and the purchase of newbuilding vessel Pag during 2015.

The remaining funds will be invested in the abovementioned vessels in order to maintain their high level of competitiveness.

Following its strategy of maintaining financial stability and liquidity, the Company has now fully implemented the plan to refinance its credit liabilities maturing in 2021 and 2022. By concluding this financial arrangement, in addition to the one previously finalized in late 2020, the Company has now secured competitive refinancing for the whole fleet for the upcoming five-year period.

As a reminder, in 2020, TNG recorded a decrease in sales of 11.6%, a decrease in EBITDA of 11.9% and a net loss of HRK 31.7m. To read more about the company’s FY 2020 results, click here.