Overseas Shipping, Euronav get loan to build 2 vessels

Overseas Shipholding Group Inc. and Euronav NV won a $500-million loan to pay for the construction of two ships used to transfer oil from platforms to other ships or pipelines.
The two ships, the TI Asia and TI Africa, will be owned by joint-venture companies split equally between New York-based Overseas Shipholding and Antwerp, Belgium-based Euronav, the companies said in a Market Wire statement.
The ships will be delivered to A.P. Moeller-Maersk A/S for use in the Al Shaheen offshore field off Qatar in July and September 2009, according to the statement.
“OSG and Euronav’s success at securing this bank facility during such a difficult financial market emphasizes not only the strength of the project and the charterer but also the strong support these banks have in both OSG and Euronav,” the companies said in the statement.
The banks providing the loan include ING Groep NV, Danske Bank A/S, Fortis and Sumitomo Mitsui Banking Corp. The loan has an eight-year maturity from the delivery dates of the two ships, and will bear interest tied to the London Interbank Offered Rate, or Libor, the statement said.