Standard Chartered closes US$109.35m loan facility in Singapore

Kudos to StanChart's shipping finance team.

According to a release, Standard Chartered Bank has closed a US$109.35 million loan facility for Leopard Tankers Pte Ltd. The facility will fund the pre- and post-delivery of four 51,800 DWT Medium Range Product Tankers, which are currently under construction in SPP Shipbuilding, Korea.

Singapore-based Leopard Tankers is an equal joint venture between Vitol Group and Grindrod Group. The construction of the four vessels in Korea marks the inauguration of this partnership between the two groups into the shipping market.

The vessels, which will be delivered in mid 2013, will be commercially operated within the Vitol Group and technically managed by Grindrod Shipping.

Standard Chartered’s loan facility to Leopard Tankers will provide liquidity and support for the start of the company’s business operations amidst the continuing volatility in the shipping market. As sole lender in this transaction, Standard Chartered is in an excellent position to continue supporting both groups who are long standing clients of the Bank.

“We are delighted to support two valued clients from across our global network. This transaction demonstrates our commitment to our clients who are involved with shipping, an industry which Standard Chartered, with our footprint in growth markets across Asia, Africa and the Middle East, is well positioned to support,” commented Nigel Anton, Global Head, Shipping Finance, Standard Chartered Bank.